OSB Daily Technical Analysis- Indices
OSB Daily Technical Analysis for September 23, 2014
S&P 500 declined on Monday and closed just above the 20 DMA. Recent up leg likely taking a breather for now and possibly to grind away sideways in the next couple of sessions. Bullish bias intact.
Dow 30 Dow followed suite and general equities market sentiment and declined on Monday. Support at the 17000 level. Consolidation of recent up leg in progress. Retest of support and dip below 17000 likely.
NASDAQ 100 NASDAQ closed below the 20 DMA on Monday and is likely to test the 4000 level during this down swing. Consolidations following strong sustained up moves are perfectly normal and part of trading. Bullish bias intact with market most likely to move higher in the medium term. A close below 50 DMA might require a revisit to this view.
FTSE100 FTSE sold off and closed below the 6800 level on Monday and the 20 DMA. Recent volatility and sideways action suggest market indecision about further direction in this market. A close below the 50 DMA extends down move towards 6700 level.
NIKKEI 225 Nikkei decline on Monday broke the recent upswing. Nikkei remains bullish and Bank of Japan actions bias the market for further upside. Short term corrections and consolidations which involve profit taking are normal and desirable. Bullish.
Risk Disclaimer
Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.
All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.
OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more
