EUROPEAN MARKET OUTLOOK: Consolidation mode
08/03/2016
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EUROPEAN MARKET OUTLOOK: Further downside expected

Yesterday the S&P500 broke below the 1865 former key level: this area favoured several rebound from late January to early February and its downside breakout is a strong bearish signal.

 

As far as the Estoxx 50 (Mar 16) is concerned, currently @ 2,795, the intraday view remains bearish. The index broke, below a strong intraday support at 2865 now acting as a resistance. As long as 2,865 is resistance, the downside prevails with next down targets at 2,735 and 2,705. Alternatively, a break above 2,865 would call for a rise towards 2,898 and 2,950.

 

As far as the FTSE 100 (Mar 16) is concerned, currently @ 5,625, the intraday view is bearish below 5,775: a former support now acting as a resistance due to the polarity principle. As long as 5,775 is resistance, look for a bearish movement towards 5,585 & 5,545. Alternative scenario: above 5,775 look for a limited recovery with 5,835 & 5,895 as targets.

GURUIDXSEC

 

 

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