OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for September 11, 2014
S&P 500 tested the 20 MA and close at slightly higher on Wednesday. This market has strong support around the 1985-90 level. This downswing does not appear to have legs and is likely to be short lived. US markets are biased to the upside and the S&P leads the way.
Dow 30 The Dow found at the 20DMA and just below the 17000 which is a significant support level. The Dow like other US markets is heading higher and very much likely to test recent highs. Bullish with short term down swings.
NASDAQ 100 The Nasdaq followed suite with other US indices and also moved higher on Wednesday. Bullish and looking for higher prints.
FTSE100 The FTSE had a rather volatile day on Wednesday closing slightly above the previous day’s trading. The market is consolidating and likely to grind it out at these levels for now. A close below 6800 or above 6900 is needed to give traders some conviction of where this market is heading. Neutral.
NIKKEI 225 The Nikkei had a big up day on Wednesday with a close at 1589. The Nikkei is bullish and is likely to test the 1600 level which is a strong resistance level. Consolidation of recent up moves is likely as the market attempts to head higher. Bullish.
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