Monday December 22: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 22, 2014
The S&P 500 managed to follow through from the previous days rally pushing towards recent highs. Price action suggests recent correction is over and a test of new highs is very likely. Bulls back in the drivers seat. Resistance above at 2080 a break of which ultimately extends to 2100.
The Dow rallied in the early session on Friday but found sellers willing to step in and take profits accrued from the previous sessions. With that in mind the Dow is looking bullish for now correcting much of the losses from the recent correction.
The FTSE had a positive day on Friday to cap off the week with four consecutive positive sessions. Bullish momentum is back in the market with a push towards the 6600 which is the 200 DMA. A close above is likely to see the FTSE heading higher in the 6685 territory.
The DAX edged lower on Friday after pushing through the 9900 mark which proved too resistive for now. Price action suggests the DAX is looking to higher ground with a possible test of the 10K area given enough time. A break back above 9800 puts bulls back in the drivers seat.
The Nikkei gapped up on Friday and rallied from there onwards closing at the high of the day. Price action suggests the Nikkei is heading higher with strong bullish momentum on its side. A clearing of the 17800 mark opens the market for a push to new highs in the 18000 area. Any dips likely to be faded and short-lived.
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