Wednesday November 12: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for November 12, 2014
S&P 500 The S&P 500 edged slightly higher with very little intraday action. Market appears to be taking a break from the recent strong up move. Some pull back and consolidation is likely and desirable after a parabolic move like what the S&P has experienced so far. Support at the 2020 level and 2000 further below.
Dow 30 The Dow followed suite from the S&P 500 and essential remain unchanged managing to gain 14 points. A pull back in the next several sessions is possible. Support at the 17500 mark and further below at 17430. Overall long term bullish bias is intact.
DAX 30 The DAX had a neutral day consolidating above the 200 DMA after finding resistance at the 9400 level. The DAX is likely to consolidate at this level as it looks to push higher. Resistance above at 9450-9500. Support below at 9280. Neutral.
FTSE100 The FTSE edged higher finding resistance the 200 DMA at the 6620 level. A close above extends to 6640-60 in the first instance. A pullback is likely to find support below at 6540-60 and is likely to be short lived. Neutral.
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