Levels to watch: FTSE 100, DAX and S&P 500
Indices in positive frame of mind ahead of non-farm payrolls.
FTSE 100 still struggling at 6760
The price for the FTSE 100 has rallied to the 6760 area, so it is now up to the buyers to get through this zone of resistance to open the way to further upside. The next areas to watch on the upside are 6840 and then 6920.
However, a failure to push higher brings the 6680 support level into play, and from there 6640, 6600 and 6520 are potential areas of support.
DAX lifted off the lows
After slumping 245 points yesterday, the DAX bounced from oversold conditions, but already the rally is fading.
An attempt early on this morning to push above 10,550 has been met with selling. This would be another lower high, following on from the one on Wednesday, and would suggest a move back to 10,400. If the index does rally through 10,550, then 10,650 and 10,700 come into play.
S&P 500 rallies, but for how long?
Here too we have seen lower highs on the intraday charts, with the S&P 500 unable to hold above 2490 yesterday, and a bounce into this morning starting to run out of steam at 2472.
If this marks another possible selling opportunity, we look for a move back to, and then below, the low late yesterday at 2440. The next areas of potential support are 2420 and then 2397.
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