OSB Daily Technical Analysis for October 21, 2014

S&P 500 rallied above the 200 DMA and the key 1900 resistance level on Monday. This is bullish for the index and signals to bulls to start buying again. The S&P is likely to recover some of the recent losses and push higher as it becomes evident that a bottom might already be in the past. A dip back to recent lows changes this outlook.

Dow 30 The Dow Jones sold off in the early session of Monday trading but managed to turn back and close higher for the day at 16338. The Dow appear that it has some work to do to edge higher however positive momentum in the general US indices is likely to spill into the Dow.

DAX 30 The DAX closed lower on Monday after selling off and dipping below 8700 intraday. The index appears to be aiming for the 8900 resistance level which is a key level if the DAX is going to head any higher. Bearish bias remains intact.

FTSE100 followed suite with the general market mood and sold off testing the 6200 area for support. Market lacks momentum to push higher and is likely to consolidate and remain within the 6150-6300 area as it looks for further direction. Overall bearish bias remains.

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