Wednesday December 24: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 24, 2014
The S&P 500 made a new all time high breaking above the 2080 level suggesting the market is now ready for a push to 2100. Pull backs at this phase are likely to be seen as entry points for bulls. Strongly bullish market.
The Dow broke above the 18000 level for the first time making a new all time high. This suggests that we have further upside on the horizon potentially leading to the 20,000 level given enough time. Downside risk limited in such a strongly bullish market and any sell-offs likely to be short lived.
The FTSE broke above the the 50 DMA on the day closing a breath away from the 6600 level. A close above extends to 6625 resistance and fruther above at 6650. FTSE bullish momentum on the rise with further upside imminent.
The DAX edged higher on Tuesday closing at the high of the day suggesting bullishness and further upside for the German index. A break above 9950 extends to the 10000 level which is strongly resistive and likely to cause some pull back. Bullish momentum on the rise.
The Nikkei remained flat on the day with little action to either side consolidating recent action. Nikkei likely to continue upward trajectory with little signs of this bull run slowing down. Strongly bullish buy only market for now with sell off likely to be short lived and bought into.
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