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EuroStoxx50 - 30 Jun 17
The Global economic outlook remains positive but the recent change in the policy stance (to hawkish) by the ECB has caught the market on the wrong side. The German government bonds have seen a sell-off along with along with a sell-off in equities. However, we see the outlook for equities favourable as Europe get on the path to recovery. The capital expenditure is starting to pick up and inflation is all set to rise. Though there are short-term downside risks to equities outlook is fairly positive over the medium-term.
EuroStoxx50 has found some support around former resistance at 3441.0 and while this holds a recovery to 3531 can ensue. That said, slow stochastic has now moved below the zero line and momentum is turning bearish, hence we are looking to sell into rallies.