Thursday December 11: OSB Daily Technical Analysis – Indices
OSB Daily Technical Analysis for December 11, 2014
The S&P 500 sold off heavily on Wednesday closing at the lows of the day. The S&P charts looks damaged on the short term time frame with a possibility of further downside extending into the 2000 level which is a solid support area. A break beneath the 50 DMA at 2020 confirms this scenario.
The Dow broke lower testing support at the 17500 level making a new monthly low on the session. A break below here extends to 17480-17450. Consolidation and range bound action likely as the index digests recent losses.
The FTSE found support at the 6500 level closing at the lows of the day and making a new monthly low. Price action suggests the FTSE is going lower as downside pressure increases. Volatility likely to increase as the FTSE tests resistance beneath at 6480-450.
The DAX gaped on the open but then spent the day heading lower giving back about 100 point on the day. The DAX is likely to trade within the 9800-10000 range for now as it digests recent gains and looks for further direction.
The Nikkei gapped lower on the open and headed south from there testing support at the 17300 level. A break below this area extends to 17100 in the medium term. Overall longer term bullish bias remains intact despite recent sell-off.
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