OSB Daily Technical Analysis for December 12, 2014

The S&P tried to push higher in the early session but fell short at the 2055 resistance area only to turn back and head into previous days lows where support currently stands at 2025. Further support beneath at 2020 and lower at 2000. Ultimately the S&P remains bullish.

 

The Dow followed suite from the S&P and rallied in early session only to sell of and close slightly positive from the previous days session. Dow well supported at the 17525 area with further down side likely constrained for now. A break beneath this extends to 17500.

FTSE giving way to low ground as sellers start to dominate action in the UK market. The index made a new low on the day suggesting further downside on the horizon. A break beneath 6420 extends to 6400. Little buying interest and upside pressure for now.

The DAX edged higher on Thursday breaking the three day series of declines. Resistance above at 9900-9920. Clearing this area sets the trajectory for a test of the 9950 level. On the downside support is at 9770 at the 20 DMA.

The Nikkei continued its decline on Thursday dropping further into the 17000 area finding support at 17043. Short term the Nikkei is likely to test the 17000 level a break of which extends to 16800. Overall longer term bullish bias remains with a strong bounce likely as price compresses further.

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