The Euro Stoxx 50 hurtful open on Tuesday (while not as hurtful as other indices) was the catalyst that brought on the downward momentum on the index and does not seem want to quit even though breaking below important supports.
The index managed to cover the gap it formed on Tuesday reaching the support-turned-resistance level of 3,175 where it held the index twice on two different days. The first time came after the sudden and severe drop on Tuesday, while the other came on the day after the drop where the index attempted to rally higher after the open, but faced the mentioned resistance failing to break above it and hence continued to move lower.
The double top that was formed during the two days gave the negative sentiment even more downward momentum for the index as it broke below the 3,120 support level that managed to hold the index from dropping any further on Tuesday, however, as of this writing, the index has managed to break above the mentioned support and seems adamant on rising back upwards after what has been a very tough couple of days on all Global equity indices.
Breaking above the support of 3,120 means that the RSI has also broken above the 40-level meaning that there is some chance that index is heading back upwards towards the support-turned-resistance level at 3,175.
Currently, the best performers on the Euro Stoxx 50 are Schneider Electric (+4.75% at €60.48); Intesa Sanpaolo (+1.89% at €1.94); and BBVA (+1.83% at €5.05). The worst performers are Anheuser Busch Inbev (-7.86% at €66.60); Vivendi (-1.81% at €21.61); and Sanofi (-1.38% at €75.07).