FTSE 100, DAX and S&P 500 ease off after recent gains

Indices have enjoyed a good week overall, but forward momentum is fading as markets prepare for the US jobs report.

FTSE 100 rally pauses for breath

The FTSE 100 rally has eased off over the past 36 hours, with the index dropping back since the high early on Wednesday at 7540.

So far the 7470 level has contained any more serious downside, and if this is breached then the previous higher low on Tuesday at 7400 comes into play as possible support. A push above 7540 brings 7635 and then 7700 into play.

DAX stuck below 13,600

The DAX shot higher over the first three days of the week, but having recovered the 13,600 level it has seen upside progress wane.

However, given that the previous higher low this week is down at 13,250, there is plenty of room to the downside for the index to establish a new higher low. A close above 13,600 leaves only 13,644 before the price moves back into record high territory.

S&P 500 girds up for a new rally

The price action over the past 24 hours suggests the S&P 500 is preparing for a new leg higher, once non-farm payrolls (NFP) are out of the way.

A record high early on Thursday was followed up by small losses, but losses are contained around 3340. Below this 3310 and then 3290 come into view.

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