Short-Term (days/weeks): Modest DJ Eurostoxx 50 price weakness last week is disappointing, but this does not look like a clear short-term sell signal

Short-Term (days/weeks): positive
The DJ Eurostoxx 50 was unexpectedly lower last week, like US equity indices,
breaching old trend support from the fall 2022 low as Daily OB/OS momentum
turned negative.
However, at the close on Friday, the DJ Eurostoxx 50 was turning up at short-term
support from the May/June/August lows and Daily OB/OS momentum was turning
up at modestly oversold.
Modest DJ Eurostoxx 50 price weakness last week is disappointing, but this does not
look like a clear short-term sell signal and US analogs (see below) suggest a shortterm
low now for the key US equity market; this should be bullish for the DJ
Eurostoxx 50.
See Daily OB/OS Charts, attached, page 6 and analog charts pages 2-3.
Intermediate-Term (weeks/months): positive
Intermediate breadth and momentum indicators for Europe/UK were lower or
unchanged week-on-week at the close on Thursday:
 DJ Stoxx 600 and FT All Share Intermediate Term Indicators both fell and
 Money Flow of the DJ Stoxx 600 and FT All Share Stock were both unchanged.
Intermediate indicators for the DJ Stoxx 600 and FT All Share are in oversold
territory.
The DJ Stoxx 600 was lower week-on-week at the close on Thursday, testing trend
support from the summer 2022 low and FTSE was unchanged, holding above 2020
support. See Weekly Charts, pages 7 and 8, attached.
Lower/unchanged intermediate indicators in oversold territory accompanied by a
modest decline to trend support for the DJ Stoxx 600 doesn’t look like a sell signal.
Also, updated DJIA /NYSE ITI analogs of troughs in the 50% point to strength from
now to early October and DJIA Pre-Election Year analogs (average of best analogs)
suggests a low now and strength to late October ; this looks supportive for Europe
equities.
See analog charts, pages 2-3.
The intermediate outlook (weeks/months) for Europe equity indices is positive.