Monday December 15: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 15, 2014
The S&P sold off on Friday testing the 2000 support area in what was a very negative week for the index. The chart is starting to look damaged as the S&P broke below the 50 DMA. A close below current levels with conviction extends to 1980 area. With that said longer term bullish bias remains intact for now.
The Dow broke down on Friday closing the week with four negative sessions. The break beneath 17500 and new low on Friday suggests further downside with 17000 looking like a realistic target at the moment. Some bounce and a rally of sorts to be expected following last weeks sell-off.
The FTSE fell even more on Friday closing at support at 6300. The FTSE is significantly damaged breaking below 200 DMA during the week. Last weeks action suggests further downside with a possible test of October lows. Support further below at 6250.
The DAX broke below the 9600 level on Friday closing the day with almost 3% losses. Market finding support at 9600 with a possible bounce back to 9700 level. Failure to swing higher likely to see a test of 9500 area.
The Nikkei pushed higher on Friday managing to break above 17500 during the session. Nikkei looks to consolidate and trade within a range for now as it digests recent volatility and price action. Longer term bullis bias remains intact.
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