Wednesday December 17: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 17, 2014
The S&P 500 rallied in the early session but found resistance in the 2020 area which put the bears back in action to push the index back below the 2000 mark. S&P’s new monthly low suggests this correction is still in full swing with further downside imminent. Supoprt below at 1950-60.
The Dow broke lower on the day after failing to garner momentum to push higher from the 17430 mark. Yesterdays action suggests further downside for the Dow with support holding at 17500. A break below extends to 17000 mark.
The FTSE rallied on the day putting in gains in the tune of 2.41% after making a new monthly low. Recent sell off in the FTSE appears to be on pause for now with a further bounce ahead. Bearish sentiment remains in place. Resistance above at 6290-330. A close above extends to 6400 area.
The DAX rallied strongly on Tuesday managing to close back above the 200 DMA. Resistance above at 9550 at the 50 DMA. A close above extends to the 9600 level and puts bulls back in action. Overall bearish sentiment remains intact for now with high volatility likely to continue.
The Nikkei gapped down on the open breaking below the 50 DMA but finding support in the 16700 area. Nikkei looking to fill in the gap from early November. Further support beneath at 16500. Overall longer term bullish sentiment remains in the Japanese market as BOJ QE remains on the table.
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