A strong rally Thursday for the EURO STOXX 50, the pan Euopean benchmark, equity indexto a new recovery high above 3556 to 3559, to build on Wednesdays solid advance, to fully reject the setback this week that held above our 3504/00 support area, reinforcing the bull tone from the September advance, to leave risks higher again Friday.
The latter August push above key 3403 secured an intermediate-term base for an intermediate-term shift to bullish.
We see an upside bias for 3559; break here aims towards the record high at 3569, maybe 3582.
But below 3518 targets 3506/04/00 and aims for 3489.
Intermediate-term Outlook - Upside Risks: We see an upside risk for 3569 and 3656
What Changes This? Below 3443 shifts the intermediate-term outlook back to neutral; through 3404 is needed for an intermediate-term bear theme.
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