FTSE 100, DAX 40 and S&P 500 pause advance ahead of US non-farm payrolls
FTSE 100, DAX 40 and S&P 500 pause advance ahead of US non-farm payrolls, hourly earnings and unemployment report.
FTSE 100 consolidates in six-week highs
The FTSE 100 has risen to a six-week high at 8389 on Tuesday, within a whisker of the 8397 October peak, before range trading below these levels. Slightly above these levels lie the early and late August highs which can be found at 8404 - 8419. If bettered following United States (US) non-farm payrolls, the 8500 mark would be in sight.
Minor support can still be seen between the late October and last week’s 8326 - 8319 highs. While the last reaction lows on the daily chart down to 8311 underpin, the short-term uptrend remains intact.
DAX 40 on track for seventh daily gain in a row
The German DAX 40’s break through its October to November downtrend line triggered a near 5% rally over the past six days with the 20,500 mark representing the next upside target.
Minor support can now be found around Wednesday’s 20,264 high and Thursday’s 20,197 low. More significant support can be seen around the psychological 20,000 mark ahead of the October peak at 19,683.
S&P 500 makes yet another record high
The S&P 500 continues to make new record highs and has so far risen to 6094 ahead of Friday’s US employment data. Small range trading ahead of the data release is to be expected with volatility perhaps increasing after publication.
Above 6094 lies the July to December resistance line at 6107 whereas support can be seen at the 6026 November peak.
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