Short-Term (days/weeks) : A test of 4275 trend support from the fall 2022 low (2% below Friday’s close) is possible for the DJ Eurostoxx 50 and should be used as a buying opportunity.

Short-Term (days/weeks): still range-trading, use any modest
weakness for the DJ Eurostoxx 50 as a buying opportunity
The DJ Eurostoxx 50 was slightly higher last week as Daily OB/OS momentum
stalled at modestly overbought.
At the close on Friday, the DJ Eurostoxx 50 was again testing resistance at the April/
May/June and July price highs; Daily OB/OS momentum was modestly overbought.
No sell signal: the short-term trading range for the DJ Eurostoxx 50 is intact. A test
of 4275 trend support from the fall 2022 low (2% below Friday’s close) is possible
and should be used as a buying opportunity.
See Daily OB/OS Charts, attached, page 6.
Intermediate-Term (weeks/months): higher
Intermediate breadth and momentum indicators for Europe/UK were all higher weeon-
week at the close on Thursday, including DJ Stoxx 600 and FT A ll Share
Intermediate Term Indicators and Money Flow of the DJ Stoxx 600 and FT All Share
Stock. Indicators mostly accelerated higher.
The DJ Stoxx 600 and FTSE both improved week-on-week at the close on Thursday.
The DJ Stoxx 600 is testing resistance again and the FTSE was sharply higher,
breaching resistance.
See Weekly Charts, pages 7 and 8, attached.
Sharply higher Europe intermediate indicators accompanied by improvement in the
DJ Stoxx 600 suggests a still-positive intermediate trend (weeks/months) for Europe
equities. The intermediate trend for the key US equity market remains positive too;
this should be bullish for Europe equities.
The updated DJIA /NY SE ITI analog model points to possible choppiness/modest
weakness for US equity indices from late July and in August; any corresponding
weakness in Europe equities should be used as a buying opportunity. See analog
chart, page 2.
Key Takeaway: the intermediate outlook (weeks/months) for Eur ope equity
indices remains positive.