S&P futures continue to trade in downward sloping channel...I favor a test of the lows and the bottom to be in the area of 1340 (previous 4th?!!). If channel is broken upwards impulsively and a sequence of higher highs and higher lows is made, then I would consider long positions. Bottom picking around these levels with a stop at last lows is also considered by me right now.
Re-emerging fears for the european debt crisis has pushed MIB and IBEX to sharp declines. IBEX is testing 2009 lows but still inside downward channel may find support near 7000. MIB key support are the lows at 13600 area. However the market could have very well bottomed last Friday.
IBEX near support could also have bottomed. Decline from 2009 highs doesn't look impulsive to me.
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