OSB Daily Technical Analysis for October 7, 2014

S&P 500 Negative day for the S&P 500 which found support at 1950 level. Attempt to push above the 50 DMA at 1970 proved too ambitious for now and pushed price lower. Consolidation mode at the market gathers strength for next up leg. Bullish.

Dow 30 Consolidation day for the DOW after the strong showing on Friday. Intraday push above the 20 and 50 DMA’s failed to hold through to the close. More consolidation in store. Resistance above at 16920-40. Bullish bias intact.

DAX 30 DAX sold off on Monday. The German index is in bearish territory and appears at key support levels in the 9150 vicinity. A break below likely to see the index going down to 9100. Some bounce back likely following recent consecutive losses.

FTSE100 FTSE continued its bounce on Monday pushing back above 6500 which is now key support for the index. Resistance above at 6550-80. A close above 6600 opens the market for higher prints. Bearish bias remains.

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