Yesterday turned out alright with the dip to the pivot and then rise (been the pattern all this week, so far). However, the rise ran out of puff at 6678 area where we closed half the long (fortunately!), and dropped right back to the 200ema on the 30 minute at 6640ish.
However, it has since climbed back and, of course, today is Non Farm Payrolls so it's going to be lively later on around 13:30. If the ADP report is anything to go by then NFP will just miss the 200k forecast. For any sort of bullishness to continue for the moment, the bulls will need to break 6675 still leaving 6715 in play.
FTSE Outlook
I am probably going to sit this one out today; its NFP and a Friday so trading FTSE 100 could be a tad unpredictable. However, I think as long as 6640 holds if tested then we should still get the rise to 6700/6715 area.
Worst case scenario for the bulls is a dip right to the bottom of the 10 day Bianca channel at 6625, which I expect will hold, unless NFP is a real shocker (which I don't think it will be). The upper line on the Bianca for both 10 and 20 day channels is just above 6700, so I think we will still see a test of that area today.
Daily FTSE Raff Channels
Bianca Trends
Gold
I have zoomed into the 30 minute time frame for Gold below as there is a channel in play there which, if broken, shows a rise to 1296 is on the cards. The caveat there is that it needs to break 1288. I keep ready about now is the time to be going long gold and that's usually a warning sign. The EMAs are trying to cross though on that chart. So we could see a break out: goodness knows its been trying long enough to push higher (all week!).
S&P
The S&P 500 has failed to break that ProTrend resistance line on the daily chart, currently at 1894. Thats area is therefore resistance for today, possibly a pop higher on NFP to 1896. Support wise 1883 is the first then 1880 and 1875. This will obviously also get spiky around NFP at 13:30. If that resistance were to break then 1905 is still an upside target (and would tally with 6715ish on FTSE maybe)
DAX
Looking at the Raff lines below for the German DAX, all looks pretty bullish still, however there is a ProTrend line with resistance at 9673 dissecting those Raff lines. If it were to break that then R1 at 9692 is the next area of resistance followed by 9713. On the downside, support exists at the daily pivot 9636 for today, then 9595. Worst case should see longer term support at 9550 (matching with FTSE support around the 6620 area). The DAX path for today if I had to hazard a guess would see a dip from 9675ish to the pivot at 9636then a climb.