Yesterday didn't quite hit the long order level at 6637 - missed by one but we did still get the dip and rise. This was followed by the predictable stall round the 6670 area, while just managing an overnight high at the other resistance level 6682, dropped back a little. Not particularly bearish, so we might get another push high.
I still think it's not going to drop too much this week to lure in the ISA retail investors. US ADP news came in at 191k versus 195k expected, so not too bad and probably means NFP on Friday can be along the same lines - just a small undershoot. Bold statement there so will find out tomorrow how far wide of the mark that is!
FTSE Outlook
Same again for the FTSE 100 today then? Dip to the pivot at 6657 and then a rise? With the overnight test of the 82 level, which was resistance based on yesterday's analysis, a test again of that and break would reach 6695 (top of the Bianca 20 day) and possibly 6715. Should the pivot break though then 6648 would be the next immediate support area followed by 6618.
With NFP out tomorrow, I think we will have a fairly sluggish day today (famous last words) with a slow drift up towards the 6700 area, probably after the initial dip. Yesterday's close was 6659 as well, so we may see a little gap close to that level (and the pivot area).
Daily FTSE Raff Channels
FTSE Bianca Trends
Gold
Gold is finally looking a bit more positive with an upward 30 min channel as you can see below, with just the hurdle at 1293 to jump. If it does so then 1298 and 1301 are likely and are shown with the red PRT lines on the chart below.
S&P
Looking at the S&P 500 Raff channels I'd say that the toil of the 20 day at 1904 is likely to be hit soon, assuming that the 1893 resistance area for today is broken. We are bang on today's pivot as I write this and I think if FTSE does rise then he S&P will as well, buoyed by a potential decent NFP figure tomorrow.
At 1904 I'd be wary of making any more long trades. Support today is 1883 so a dip to that area would get me long.
DAX
On the daily DAX chart we have a PRT resistance line at 9648, together with R1 at 9650 so this area likely have strong resistance, at least initially. Could aptly with the little FTSE pop up to 74/82 before dropping as well. Above that level 9680 and 9710 are next resistance areas, whilst we are right on pivot support at 9625 as I write this. Certainly the Raff channels for the DAX are pretty firmly up! I'm still feeling bullish for the DAX and expect it to test 9650 initially, drop back to the pivot then at some point test 9750, maybe tomorrow if S&P were to rise to 1905.