Dax 40 tested strong longer term moving average support at 14100/000 but ran almost as far as the next target of 13750/710. We have now established a base & I think a further recovery is likely.
EuroStoxx 50 MARCH crashed as far as my lower target of 3750/40 with a high for the day exactly here & a 150 tick bounce.
FTSE 100 MARCH crashed as far as 7141, just 11 ticks above strong support at 7130/10 with a 100 tick recovery.
Update daily at 07:00 GMT
Dax is now holding above strong longer term moving average support at 14100/000. We are holding short term 23.6% resistance at 14360/380 & this is the main challenge for bulls today. A break above 14410 therefore should be a buy signal targeting 14500 & 14600/650 & perhaps as far as strong resistance at 14750/850. Sell with stops above 14900.
Strong longer term moving average support at 14100/000. A break below 13950 however could retest 13780/750. Less chance this will hold on the next test.
EuroStoxx managed a bounce to 3810/00 & my next target of 3880/90. A break above 3910 signals further gains to 3950 & probably as far as strong resistance at 3985/95.
Failure to beat first resistance at 3880/90 risks a slide to 3845/35 before a retest of support at 3750/40.
FTSE crashed as far as strong support at 7130/10 before a bounce to 23.6% resistance at 7250/60. A break above 7275 signals further gains to strong resistance at 7320/40. Watch for a high for the day. A break higher however targets 7380/90 before a sell opportunity at 7435/55.
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