- A strong advance for global stock markets Monday after positive geopolitical events at the weekend.
- The EURO STOXX 50 pushed through a key peak at 3487 to re-energize an intermediate-term bull theme.
- Furthermore, despite significant geopolitical developments over the past weekend impacting markets Monday, this week still has much to offer as can be seen here in the FX Explained MacroWatch.
EURO STOXX 50 threat stays higher
A Monday bull gap (3476-66) to then push through the cycle peak at 3487 and 3500, to build on Friday’s very strong rally through various resistances, and despite an intraday setback, whilst above the support gap keeping the bias to the upside Tuesday.
The early June push through 3400 set an intermediate-term bull trend.
- We see an upside bias through 3495; break here aims for 3509 and 3517.
- But below 3476 opens risk down to 3466, maybe 3455.
- Intermediate-term Outlook – Upside Risks: We see an upside risk for 3500, 3533, 3576 and 3681.
What Changes This? Below 3413 shifts the intermediate-term outlook back to neutral; through 3350 is needed for an intermediate-term bear theme.
Resistance and Support:
4 Hour EURO STOXX 50 Future Chart