Friday December 5: OSB Daily Technical Analysis – Indices 

OSB Daily Technical Analysis for December 5, 2014

The S&P sold off in the early session on Thursday only to turn back and close the day marginally negative. Support below at 2050-60 appears to contain any further downside for the S&P. Consolidation and further upside on the horizon for the S&P.

The Dow closed the day essentially unchanged after selling off in the early session. Support at 17800-25. Resistance above at 17900-20. Intraday pull backs likely to be normal course of action for the Dow as the index heads higher.

Down day for the FTSE which broke below the 6700 mark. Support in the 6650-70 band appears be holding for now with the 20 DMA just beneath. FTSE in consolidation mode with further downside and retest of support in the 6650 area likely. A break below extends to 6600 in the medium term.

Volatile session for the DAX which broke above the 10K blowing off an attempt to the 10100 level. Sell off ensured with profit taking controlling the remaining of the session with a break back below key support at 9900. Dax likely to consolidate at these levels as it prepares to push to higher ground.

Quiet day for the Nikkei with little in the way of market action. With that said the Nikkei managed to edge higher and close the day with a 1% gain. Nikkei continues to make new highs suggesting further upside and a likely test of the 18K level given enough time.

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