Tuesday December 23: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 23, 2014
S&P pushed higher on the day with testing recent highs coming a breather away from the all time high. Price action suggests we are heading higher and it is a matter of time before we start talking about new all time highs.
The Dow had a positive session to start off the week confirming that the uptrend is back in motion with new high ground likely to continue. Any pull backs likely to be bought into by buyers. Next significant target for the Dow at 18000.
The FTSE rallied above the 50 DMA on Monday essentially making up most of the losses from the steep decline in early December. FTSE looking strong with further upside looking very likely with a possible correction/consolidation after the recent run up in prices.
The DAX rallied to start off the week breaking above the 9900 mark which proved to much for now suggesting that we might not be ready to head to higher ground just yet. Some consolidation and pull back to be expected as the DAX attempts to regain traction for further upside.
The Nikkei remained essentially unchanged on Monday with very little action to either side on the day. Nikkei finding resistance at 17700. A close above puts the bulls back into the drivers seat with extension of price towards 17800 level.
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