OSB Daily Technical Analysis for October 16, 2014

S&P 500 The S&P 500 sold off hard on Wednesday with slicing through key support areas only to find support just above the 1800 mark at 1812 and turn back up to close at 1845. Price action suggests strong uncertainty in market participants which indicates volatility is likely to remain high while bulls and bears fight it out. A bounce back from the recent sell-off is very much likely.

Dow 30 Dow Jones followed suite and sold off closing below the key 16000 mark. This is bearish for the index and suggests lower prices and more than likely. A bounce from these levels is also to be expected as the index is somewhat oversold. Bearish.

DAX 30 The DAX continues to break down and head lower. Support in the 8500 range pulled buyers into the market to push the index higher on Wednesday. A bounce is likely from here. Overall bearish bias is strong and this is a sell only market.

FTSE100 FTSE sell off saw the index trading the 6100 area on Wednesday. Market weakness suggests that price is likely to break below this level and head towards the 6000 mark. Market is significantly bearish with only downside in view. Any upswings are likely to be faded out and short lived.

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