The short-term outlook (days/weeks) for the DJ Eurostoxx 50 remains positive.

Short-Term (days/weeks): still positive
The DJ Eurostoxx 50 fell unexpectedly last week, turning down at resistance from the prior highs as Daily OB/OS momentum turned down at modestly overbought.
At the close on Friday, the DJ Eurostoxx 50 was turning up at trend support from the 2022 lows; Daily OB/OS momentum had turned positive and was modestly overbought.
The short-term outlook (days/weeks) for the DJ Eurostoxx 50 remains positive.
See Daily OB/OS Charts, attached, page 6.
Intermediate-Term (weeks/months): higher
Intermediate breadth and momentum indicators for Europe/UK were mostly lower week-on-week at the close on Thursday, including DJ Stoxx 600 and FT All Share Intermediate Term Indicators and Money Flow of the Average FT All Share Stock; Money Flow of the Average DJ Stoxx 600 All Share Stock was unchanged.
DJ Stoxx 600 and FT All Share Intermediate Term Indicators were both sharply lower.
The DJ Stoxx 600 and FTSE were both sharply lower week-on-week at the close on Thursday; the DJ Stoxx 600 is testing intermediate trend support form the fall 2022 low and the FTSE breached intermediate trend support.
See Weekly Charts, pages 7 and 8, attached.
Lower intermediate indicators of breadth and momentum and Europe equity indices is a red flag for the intermediate trend for Europe equity indices. However, the DJ Stoxx 600 is testing trend support from the fall 2022 low, intermediate indicators for Europe equities are already in oversold territory and the outlook for the key US equity market remains positive.
Additionally, DJIA analog models of the NYSE ITI point to strength for US equities to late June before the next short-term pullback (see analog chart, page 2) : this looks supportive for Europe equity indices.
Key Takeaway: the intermediate outlook (weeks/months) for Europe equity indices remains positive.