Friday October 17: OSB Daily Technical Analysis- Indices
OSB Daily Technical Analysis for October 17, 2014
S&P 500 High volatility for the S&P 500 on Thursday finding support in the 1815 region and forming a hammer on the close. The index is likely to bounce around in this region as it looks for direction. Some upside is to be expected following the recent sell-off. Bearish.
Dow 30 The Dow Jones had an almost 400 point swing on Thursday and briefly dipped below the key 16,000 level. Yesterday action and the recent sell-off suggest that the market is likely to bounce higher from here in the short term. Bearish overall.
DAX 30 The DAX continued to sell-off on Thursday but found support at 8350 which prompted a bounce and a close at 8574. Market is bearish and slightly oversold and possibly ready for a bounce back. Resistance above at 8700.
FTSE100 The FTSE as you can see went back and forth during the course of the day on Thursday, showing quite a bit of volatility. That volatility should continue, but it looks like we are trying to find some type of support below. We feel that the 6000 level below will be a bit of a floor, as we are most certainly oversold. However, we are not comfortable buying this market until we get above 6400 and at that point in time recognize that it would be a choppy affair going higher. This point time though, we think there are safer markets out there to be involved in.
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