OSB Daily Technical Analysis for November 24, 2014

 

S&P 500 made new highs on Friday pushing ever close to the 2100 mark. Market remains strongly bullish and in a buy only mode.

 

Up day for the Dow which rallied into new highs on Friday brining returns in the last month to 7%. Bullish momentum suggests the Dow is ready to push higher with the 18000 level the next significant area to clear.

 

The FTSE closed the week off with a strong rally which saw the index breaking through the key 6750 resistance area suggesting that the index is ready to push higher. Support below at 6700.

 

Big up day for the DAX which made a new monthly high clearing key resistances point with ease. The close above 9700 extends the index into the 9800 area which is likely to be resistive. Consolidation and some pull back to be expected as index heads higher.

 

The Nikkei continues to consolidate in the 17200-450 band as it looks to find further direction. Bullish bias remains strong in the index which is likely to continue benefitting from Japanese quantitative easing.

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