OSB Daily Technical Analysis for December 30, 2014

The S&P 500 edged higher on the first trading session making a new all time high and opening up the space for the 2100 mark which is now a question of time. Market remains strongly bullish with one way bets for higher ground dominating trade books.

 

The Dow struggled to push higher on the day running into resistance at the 18075 area with Greek election drama weighing against further optimism for the general direction of US equities. On the downside support holds at 18025-18000.

 

The FTSE pushed higher in the early session finding resistance at the 6650 area which also happens to be where the 200 DMA is. The FTSE recent rally appears to be running out of steam with a possible give back of recent gains. Overall bias remains to the upside at the moment.

 

The Dax had a volatile session giving back almost 140 points during the session only to find buyers stepping in push back the index to a slightly positive close. Trading sessions with light volumes tend to be volatile with that in mind the fact the DAX managed to make a comeback suggests strength and further upside for the index.

 

The Nikkei gave back some gains finding support at the 17525 area after trying to rally and breaking through the 17900 level. The Nikkei remains bullish with a break above the 18000 opening up a new up leg for new high ground.

 

 

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