We've had a banks led sell off today with the SX7P breaking thought the 80/ 78.93 levels. The next level we are watching is March’s low of 78.93 and after that the next level would be the low from 1987 (76.81) – crazy isn’t it? I wasn’t even alive then. VGA obviously followed the trend and slipped through 3127 – our worry was them trading below 3117 and boom, 3112 last. Next level to watch it 3054 on the SX5E but 3000 area also quite likely. Relevant to point out that vols picked up on the down move (theme of high vols on down days remains). Across the pond, the KBW Bank Index will be in the spotlight this afternoon. Main level is 70 but if it breaks, it will then target 60!
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