Tuesday December 2: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 2, 2014
The S&P sold off on Monday testing the 2050 area for support. S&P appears well supported in this area and is likely to bounce from here. Further support below in the 2025-35 band. On the upside recent highs in the 2075 area are resistive for now. Bullish upside bias remains intact.
The Dow Jones declined slightly on Monday finding support in the 17725 area. Further below support is at 17700 a test of which is possible. Index likely to hover around in this region as it looks for further direction. On the upside resistance in the 17830-50 area holding the Dow back for now.
The FTSE gave back 1% on Monday dipping below the 20/50 DMA’s during intraday trading. The area at 6640 appears supportive for now. FTSE likely to retest this level as bullish momentum wanes and a break towards 6600 seems possible. Volatility and indecisiveness characterise action in the FTSE at the moment.
The DAX closed marginally lower on Monday after testing the 9900 level for support which appears to be a base for the index at the moment. With this the DAX is likely to push higher. Resistance at the 10K area still remains very strong hence some range bound trading for now as the index gathers momentum to push higher.
Positive day for the Nikkei on Monday which made a new high. As a result of this the Nikkei is likely to continue pushing into new high ground well supported by BOJ QE stimulus. Any corrections and pullbacks likely to continue to be faded by bullish traders.
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