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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

FTSE 100, DAX 40 and S&P 500 are taking a hit amid strong US ADP jobs data

​​Outlook on FTSE 100, DAX 40 and S&P 500 ahead of Friday’s Non-Farm Payrolls.

Source: Bloomberg

​​​FTSE 100 sinks on rate hike fears

​ ​The FTSE 100 is fast approaching its March low at 7,204, tracking losses in Asia and on Wall Street as strong US ADP jobs data reinforced expectations that the Federal Reserve (Fed) will hike rates further. ​Minor resistance can be spotted at the 7,296 December low and also at the 7,331 24 March low.

Source: ProRealTime

​DAX 40 falls through key support

​The DAX 40 has now fallen through its April-to-July major support zone on the back of strong US jobs data and downwardly revised German manufacturing PMI which points to a weak economy. ​The fact that a daily chart close below the 16,625 to 15,710 April-to-July support zone has occurred is technically bearish as it indicates that a significant top has now been formed. ​

Below the early April low at 14,481 lie the mid-January and late March highs at 15,305 to 15,272 ahead of the 200-day simple moving average (SMA) at 14,948 which now represents a medium-term downside target. ​Resistance at 15,625 to 15,710 is expected to thwart any attempt of a bullish reversal taking place today.

Source: ProRealTime

​S&P 500 slips on strong jobs data ahead of Non-Farm Payrolls ​

​The S&P 500 dropped to a one week low at 4,384 as US ADP Non-Farm jobs data came in much stronger-than-expected at 497k versus an expected 226k in July, forcing the Fed to hike rates further and leading to a surge in global yields while equities came under pressure. ​

The (redrawn) May-to-July support line at 4,393 is likely to be revisited on Friday around the Non-Farm Payrolls data release, below which lies Thursday’s low at 4,389 and the late June low at 4,328. A drop through and daily chart close below this level would point to a significant top being formed. ​ ​Resistance can be found between Wednesday’s low and Thursday’s high at 4,430 to 4,434.

Source: ProRealTime

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