OSB Daily Technical Analysis for October 22, 2014

S&P 500 rallied with a vengeance on Tuesday making a strong comeback closing at the highs of the day. Bullish momentum is back in the S&P and the market is likely heading towards the 1950 mark at the first stage. Further resistance above in the 1960-80 area.

Dow 30 The Dow rallied 215 points or 1.31% on Tuesday and closed at the highs of the day and finding resistance just beneath the 20 DMA. Buying strength is building up and the index is likely to test the 16700 area prior to finding any significant resistance.

DAX 30 The DAX rallied 200 points on Tuesday breaking above the 8900 resistance level and formed a bullish engulfing candle. This is bullish for the index and suggests that there is more upside to come. Resistance above in the 9000-25 area.

FTSE100 bounced up on Tuesday and managed to climb in to the 6300 vicinity closing at the high of the day. This is bullish for the FTSE which is likely to head towards the 6400 in the next several sessions. Overall bearish bias remains however a continuation of the recent upswing might change that view.

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