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Levels to watch: FTSE, DAX and Dow

Non-farms day dawns, with US markets returning to their weak form while indices in the UK and Europe aim to finish the weak on another strong note. 

Frankfurt stock exchange
Source: Bloomberg

FTSE buyers in control

A steady march higher has taken the FTSE back to the 200-day SMA (6772) for the first time this month. The index now finds itself sandwiched between the 200-day and the 50-day SMA at 6714. Just beyond the 200-day is the July peak around 6800, with a push beyond here likely to test the 6850 zone seen in June.

Support is likely to enter the fray around the 6650 zone, should we start to see a retracement, but for the moment the buyers seem to firmly have the upper hand.

FTSE 100 chart

DAX rise stalls

European indices seem to be losing the momentum that drove them higher, but I would be cautious about suggesting that the rally has come to an end. For the DAX, the index needs to move below 11,400 to suggest the upward move has ceased. A close back above 11,600 and ideally a move above the Wednesday/Thursday highs (i.e. above 11,672) would put the index back on a bullish footing.

DAX chart

Dow descent continues ahead of NFP data

A choppy week for US markets comes to its final day with the bears still largely in control. The Dow Jones is now targeting the lows from yesterday below 17,400, with a move below here bringing 17,200 into prospect. A turnaround and close above 17,530 would give me pause, with the possibility that the downward move has ceased, and in that case we look towards 17,662 and then 17,800. 

Dow Jones chart

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