ESTOXX50 - BULLS BACK IN POWERI have to admit, I do not have too much "luck" trading equities this year. My timing is not very good, and my mind is too much influenced by non technical factors, which tend to block me from going long on equities by technical signals. Last sell round worked well on this index (not like on SP500 wichi can not drop in any circumstances), but now looks bullish again. The reason I do not mark this post as a Long recommendation is that I clearly do not see much upside on this move. I rather have the feeling, that 3150-60 will stop bulls again. There are some negative divergences both on Daily and 4 Hrs time frames. On the daily price is floating in a pretty quickly tightenning ascending triangle. The next real heavy move will take place whenever price breaks out of this. Will it bring a correction and the end of the multi year bull mkt, or will it be the start of another 10 % rally? Hard to decide. But as I said at the beginning of this post, I am always a bit afraid of longs, so I will probably rather buy Long Put options if we reach 3150 level.
