Thursday December 4: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 4, 2014
The S&P rallied yet again to make a new all time high which is now very the new normal in the US market. Strongly bullish momentum likely to see the S&P reaching out to the 2100 level in the medium term.
Dow edged higher on the day following through with the S&P and making a new all time high. Market direction remains positive with 18000 clearly in sight.
The FTSE went back and forth on Wednesday without much direction or conviction and is likely to consolidate at these levels as it looks for further direction. Support below at 6690-6700 a break of which leads to 6650. On the upside resistance is at 6755-70.
The DAX rallied making another push towards the 10K level which it came short of in this instance. The DAX is likely to consolidate at these levels as it prepares for another up leg into recent highs. Resistance at the 10K handle needs to be cleared with conviction if this scenario is to materialize. Bullish.
The Nikkei pushed higher making a new 7 year high supported by the weakening Yen against the US$ and a push from declining oil prices which the Japanese economy is the this largest consumer and importer globally. The Japanese market is poised to head higher towards the 18000 level.
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