Short-Term (days/weeks): modest weakness for the DJ Eurostoxx 50, use as a buying opportunity

Short-Term (days/weeks): modest weakness for the DJ Eurostoxx 50, use as a buying opportunity
The DJ Eurostoxx 50 fell last week, turning down at price resistance from the April, May and June highs as Daily OB/OS momentum turned negative.
At the close on Friday, the DJ Eurostoxx 50 was turning up at trend support from the September 2022 low ; Daily OB/OS momentum was turning up at moderately oversold.
This looks like a possible short-term buy signal ; however, the DJ Eurostoxx 50 breached this support on a daily bar chart Friday and the short-term pullback in the key US equity market looks like it has further to run. US analogs point to weakness to mid-August for the DJIA/S&P 500, followed by a rally to new highs : see analog chart, page 2.
A breach of 4218 support would suggest further downside now for the DJ Eurostoxx 50. See Daily OB/OS Charts, attached, page 6.
Intermediate-Term (weeks/months): still positive
Intermediate breadth and momentum indicators for Europe/UK were all sharply lower week-on-week at the close on Thursday, including DJ Stoxx 600 and FT All Share Intermediate Term Indicator and Money Flow of the DJ Stoxx 600 and FT All Share Stock.
The DJ Stoxx 600 and FTSE were both sharply lower week-on-week at the close on Thursday : both indices are now testing intermediate trend support.
See Weekly Charts, pages 7 and 8, attached.
Mixed Europe intermediate indicators accompanied by improvement in the DJ Stoxx 600 suggests a still-positive intermediate trend (weeks/months) for Europe equities.
The updated DJIA/NYSE ITI analog model still looks relevant and points to a positive intermediate trend (weeks/months) for the key US equity market: this should be bullish for European equities. See analog chart, page 2.
Key Takeaway: the intermediate outlook (weeks/months) for Europe equity indices is remains positive.