A serious concern for the bulls in European equity has developed -- A false break of a distribution range at the top after testing 3220 key resistance.
It is possible for Stoxx50 to find some support around 3150 to 3160, but the expectation after the false break at the high is to test the 3120 neckline support. If 3120 breaks, then a top is confirmed and the up swing from dates back from Dec 24 would be called to an end, finally.

Short term M top is in after being confirmed the neckline break.
The first target is at 2730, second target, also the full extension target, sits at 2715.
Both of them are high volume nodes.

At this moment, the strategy is to sell the bounce at the old neckline of 2745 where overhead supply can be expected.

The poor low has finally been repaired.
Now the 11120 would act as overhead resistance. The path of least resistance is to the down side to wash out the longs trapped in the 3 days range above.

The minmum expectation is for DAX to test 11050 level which is the 61.8 extension of the distribution range.
Then 11000 is the second target and the full target is 10880 which was the low of the last week.

shrekchenbin 

An even bigger M top in place for NQ, which suggests a deeper drop.
The targets are 6955 and 6900. I think today is going to be an interesting day, finally.

shrekchenbin 

Short term M top is in after being confirmed the neckline break. The first target is at 2730, second target, also the full extension target, sits at 2715. Both of them are high volume nodes. At this moment, the strategy is to sell the bounce at the old neckline of 2745 where overhead supply can be expected.

Great technical landscape points to 1525 as the first down side target in Russell.
I am looking toward russell for some leadership to the down side again.

Buyers stepped in at the first down side target around 2730.
A delta divergence is showing buyer intention.

shrekchenbin 

Short term M top is in after being confirmed the neckline break. The first target is at 2730, second target, also the full extension target, sits at 2715. Both of them are high volume nodes. At this moment, the strategy is to sell the bounce at the old neckline of 2745 where overhead supply can be expected.

Did you get any trades on ES today?

In fact, i have picked a long trade in Ym from 25305 instead because YM and ES they are actually the same thing.
The swing magnitude are exactly the same with a difference of a zero.

With YM i can get more favourable entries due to the smaller tick.

Rodoslav 

Did you get any trades on ES today?

ES has been holding the trend line dates back since Jan 29th.
I am always amazed by the precision the algos in the market holds.

What a day it is today!
Look at the poor structure.
Lots of emotion in the up moves. Most of them are short coverings.