Indices on track for second week of gains
Outlook on FTSE 100, DAX 40 and Nasdaq 100 ahead of today’s US Non-Farm Payrolls.
FTSE 100 on track for second week of gains
The FTSE 100, which slid back to its breached July-to-August downtrend line on Thursday, is bouncing off it ahead of US Non-Farm Payrolls on Friday. The UK blue chip index looks to be on track for a second week of gains as investors positively interpreted the weaker US growth and employment data out this week as dovish with regards to monetary policy.
The 55-day simple moving average (SMA) at 7,482 is back in focus, as is this week’s high at 7,510. Minor support can now be found along the breached July-to-August downtrend line at 7,425 ahead of more significant support made up of the May, June and early August lows at 7,437 to 7,401.
DAX 40 expected to end week on a positive note
The DAX 40 continues its advance as China manufacturing activity unexpectedly expanded in August, boosting Asian stock markets, except Australia’s AU200. Thursday’s high at 16,044 and the 10 August high at 16,062 remain in sight. These highs need to be exceeded for a medium-term bullish reversal to be confirmed.
Minor support comes in at the 15,895 high seen last week, ahead of Wednesday’s low at 15,821. Further support comes in along the breached one-month resistance line, now because of inverse polarity a support line, at 15,685.
Nasdaq 100 is losing upside momentum ahead of US NFP data
The Nasdaq 100’s five consecutive days of gains take place among diminishing upside momentum as investors brace themselves for today’s US Non-Farm Payrolls. Nonetheless the index regained most of its August losses within the past week as investors pursue a more dovish Fed outlook.
Were this week’s high at 15,576 to be exceeded, the late July high at 15,807 would be in focus, together with the July peak at 15,932. Slips should find support around last week’s high at 15,369. Minor support below this level is seen along the 55-day simple moving average (SMA) at 15,236.
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