Thursday December 18: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 18, 2014
The S&P broke higher on Wednesday pushing towards the 2020 handle resistance which is still a push from here. The S&P correction likely bottomed for now with possible change in sentiment following Fed announcement. A break above 2020 put bulls back in the drivers seat at least for now.
Positive day for the Dow which managed to close the day with a 1.69% gain on the day. Overall sentiment has turned positive following recent correction with support now at 17050-100 area. On the upside a clearing of 17400 see’s the Dow making a further push to the key 17500 level.
The FTSE ended Wednesdays trading session essentially flat on the day after finding support in the 6240 area. Price action suggests further upside in the FTSE with a potential break above 6400 extending to 6500 in the short term.
The DAX ended the day slightly negative with marginal losses. Further downside in the short term for the DAX likely with support now at 9450-500 area. Overall volatility likely to increase as the index looks to find further direction.
Positive day for the Nikkei on Wednesday which managed to edge higher. Resistance above at 17000 level likely to be tested as the bullish momentum increases. Longer term bias remains bullish as the Yen continues to devalue.
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