OSB Daily Technical Analysis for October 13, 2014

The S&P 500 closed below the key 1900 level and below the 200 DMA on Friday. This is significantly bearish for the pair and suggests this is not a mild correction as part of its bull run. Support below at 1865-75. Looking for a bounce back above the 200 DMA and test of 1900 resistance level.

Dow 30 action on Friday leaves the chart looking damaged, signalling further downside to the index at least in the short term. A bounce and close back above 16500 might correct this view however biased remains to the bears.

The DAX 30 continues to collapse breaking through the 8900 level with ease. This points to lower levels for the DAX despite it being oversold at the moment. It can and most likely will become more oversold. Any bounce backs are likely to be short lived. Bearish.

The FTSE 100 broke below the 6300 support level on Friday signalling more bad news for the index. The market is likely to continue its downward trajectory prior to finding any significant support. Bearish, sell only market.

 

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