Monday November 17: OSB Daily Technical Analysis –Indices
OSB Daily Technical Analysis for November 17, 2014
S&P 500 had a light day on Friday without much real direction hitting resistance in the 2040 area. The index looks likely to consolidate in this area and go sideways as it gathers momentum to head higher. Any pullbacks are likely to be short lived with support below at 2025. Bullish.
Dow 30 Consolidation day for the DOW on Friday with little price volatility in either direction. The DOW is likely to bounce around in this area prior to finding further direction which is likely to be to the upside. Support below at 17480-500. Resistance is above at 17640. A close above see the DOW making new highs.
DAX 30 The DAX sold off in the early session on Friday finding support at the 9180-200 area prior to gathering momentum and getting back above the 50 DMA to close at 9230. The DAX is consolidating in this range and is likely to continue doing so until it gets back above the 200 DMA at the 9340 area. Overall neutral stance for the short medium term.
FTSE100 The FTSE rallied above the 200 DMA on Friday after finding strong support at the 6600 level in the early session. This is bullish for the FTSE and suggests the index is heading higher with resistance above being at the 6695 level. Overall bullish momentum is on the rise and the FTSE is starting to look attractive at these levels. A cross of the 20 DMA above the 50 DMA confirms bullishness.
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