Levels to watch: FTSE, DAX and DOW

NFP day sees indices relatively quiet, but still strongly higher on the week.

Source: Bloomberg

FTSE 100 shows little movement
​The index has essentially gone nowhere for two days, hovering in the 6120-6180 range. The overall uptrend remains in place, but with non-farm payrolls (NFP) on tap for today it makes sense to wait for a more significant dip back towards at least 6100, or even below this, closer to 6000.

We would need to see a close below 6000 to really suggest the bounce has run its course. Upside targets still lie in the direction of 6300 and then 6400.

DAX shows little progress since Wednesday
Like the FTSE 100, the upward progress for DAX has been almost absent since Wednesday. The past 48 hours has seen 9700 acting as support; if this holds we will see if the price can push on through the mid-week high of 9850.

Upside targets are still 10,014 and then 10,280. A dip towards 9500 might provide the more attractive risk/reward proposition.

Dow looks to drift lower on NFP day
While new highs were seen overnight, it looks like NFP day will see a general drift lower for the index. Downside support is possible around 16,850 and then 16,800.

Ideally a move back down to the 200-hour simple moving average around 16,655 would provide the dip that we would be looking out for to initiate long positions. Upside targets are still 17,100 and then 17,345.

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