OSB Daily Technical Analysis for December 31, 2014

The S&P 500 sold off briefly on Tuesday giving up much of the gains from the previous session. Market appears to be well supported in the 2080 area with bias to the upside. A close above the recent high extends to 2100.

 

The DOW ended the day on a negative note finding support at 17950. Correction and consolidation of recent gains very much a normal part of this bull run. Bullish momentum remains intact with a break back above 18000 likely seeing the rally resuming to new highs.

 

FTSE broke lower on Tuesday slicing through the 20 and 50 DMA’s with ease suggesting further downside might be in store. Support at 6500-20. A break beneath 6500 extends correction into the 6450 area at first instance.

 

The DAX sold breaking into the 9805 support level which proved to hold on the day. With that in mind it appears that the DAX is likely to bounce around in this level for now as it looks for further direction. A break below 9800 likely to be faded by bulls.

The NIKKEI sold off briefly on Tuesday finding support at the 20 DMA/17450 area. The NIKKEI is in consolidation mode with medium/longer term bullish momentum still intact. A break above 17700 opens new up leg with a target of 17900-18000.

 

 

Risk Disclaimer

Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.

All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.

OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more

 

---