OSB Daily Technical Analysis for December 19, 2014

The S&P 500 pushed higher on the day breaking past resistance at 2020 and clearing the 2050 level with ease. Yesterdays price action suggests that downswing/correction phase likely to be over with the S&P entering a new up leg. Resistance above at 2085-90. A close above extends to 2100.

 

The Dow broke out on Thursday pushing past the 17700 level suggesting the end of the recent downturn. A break above the 17800 level puts the Dow in the sights of recent highs. Bullish momentum back in the market.

 

Bullish day for the FTSE with managed to halt recent losing streak and close at the highs of the day at 6466. FTSE looks ready to go higher from here. A break above the 20 DMA in the 6485 area extends to 6500 level which opens the ground for more bulls to enter the market.

 

Very good day for DAX which gapped on the open and headed higher from there. Bullish sentiment has returned to the market with a likely push towards 9900 very realistic. Support beneath at 9650.

 

Gap higher for the Nikkei on the open breaking above the 17000 handle and moving past recent resistance points with ease suggesting further strength in the market supported by BoJ and macro economic happenings. Nikkei looking to go higher from here with some corrections and filling of gaps very likely.

 

 

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