OSB Daily Technical Analysis for October 9, 2014

S&P 500 Strong rally in the S&P 500 helped by FOMC minutes pushed the index higher with bulls charging in with a vengeance. Market likely to go higher. A clear close back above the 50 DMA extends the index back to the 1990-2000 area. Bullish.

Dow 30 Dow rally spurred by the Federal Reserve pushed the index to close above the 50 DMA. Buying the dips in the equity indices is proving a good strategy at the moment with the Dow looking to head higher. Resistance at 16975.

DAX 30 DAX found support at the 8960 area before bouncing back above 9000 and closing at 9118. Market is bearish but appears oversold. Positive news from the Fed likely to drive this up swing higher in the short term. Bearish bias intact.

FTSE 100 rallied to get back above 6500 level. Upswing likely to be affected by Bank of England interest rate decision today. Resistance at 6545 and further up at 6600.

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