OSB Daily Technical Analysis for December 1, 2014

S&P 500 traded sideways and edged slightly lower on Friday on what was a relatively light trading day following Thanksgiving. With that in the mind the index still managed to make an intraday new all time high suggesting new highs are now the norm.

The Dow ended Fridays trading session unchanged after indicating much indecisiveness about direction through the trading session. The Dow is likely to consolidate and perhaps pull back slightly as it gathers momentum to push higher.

The FTSE gave way to sellers in the early session who found bulls stepping in the 6670-75 area which appears to be well supported for now. A close above 6750 extends to recent high otherwise bullish momentum wanes and sideways action/consolidation likely to occur.

Dax sell off during the session proved strong support at the 9900 level which suggests a base in the area. Subsequent rally with buyers stepping in to bid the index back to an essentially flat day. Fridays price action allows bulls optimism with regards to further upside. Resistance remains at the big 10K figure.

The Nikkei rallied on Friday to finish the month with +14% gains. Index currently continues to consolidate and trade within the 17200-500 range. Resistance above this area appears strong for now. A clean close above recent highs needed for a new up leg to take hold and drive the index higher. Overall bullish bias remains strong.

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