OSB Daily Technical Analysis for November 10, 2014

S&P 500 The S&P 500 declined during the early session finding support at the 2020 level prior to edging higher to close at 2025 on the day. Bullish momentum remains strong and pullbacks are likely to be minor and short lived as the index heads higher.

Dow 30 The Dow fell through the 17500 during intraday trading on Friday only to manage to push back up and close at 17508 on the day. Price action suggests the index has further upside and is likely to continue making new highs. Some volatility and profit taking is to be expected as market heads higher. Bullish.

DAX 30 The DAX sold off on Friday dropping below the 200 DMA and finding support at the 9240 area. Market likely to consolidate as it looks for further direction. Resistance in the 9480-9500 area. A close above extends the index into the 9800 level in the mid-term range.

FTSE100 The FTSE 100 edged higher on but found too much resistance at the 6600 area only to sell off and close at 6566. Support at 6520 and further below at 6500. A close above 6600 extends to the 200 DMA in the 6640 area. Neutral.

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