INTRADAY MARKET ANALYSIS
The Euro Stoxx 50 index developed a very narrow trading range this month of less than 1%. This congestion is probably waiting the latest developments from the ECB and next Thursday could be the catalyst to shift trading environment. Below 3,585 the gauge could test 3,514. A breakout above 3,626 could lift the index to test its most recent relative high near 3,657.
EURO STOXX 50 (Daily Time Frame)
The VSTOXX Index, jointly developed by Deutsche Borse and Goldman Sachs Inc., can be considered the "fear index" of the 50 biggest companies from 12 Eurozone countries.
The VSTOXX, now at 12.56, is off its YTD low 11.45 as implied volatility collapse pulled the index to make a multiple bottom in this area. A breakout of the 1% trading range in the EURO STOXX 50 should lift implied volatilty and it could happen very soon.
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