Equity snapshot (indices)

Equities lost ground fairly quickly and steadily as investors and traders rush in to book profits before the mega events ECB rate decision and US NFP report. Performance this week at a glance in chart & table -

• S&P 500 - US benchmark fell sharply after it failed to hold above the new high made on Monday. The index is currently trading near the support breaking which could prompt further sell off. Currently it has broken below the 2100 mark and trading at 2092. Immediate support lies at 2084 and 2040.

• FTSE - FTSE was sold off sharply as once again it failed to decisively break above the all-time high of 6930. It made new high this week but so far has failed to hold ground. Today's weaker than expected services PMI has also contributed to the fall. It's currently trading at its short term support of 6870 which could be broken further if sellers continue to emerge at rallies. Support lies at 6870, 6800 and resistance near 6965.   

• DAX - German stock index was sold off sharply even after better services data were published from Germany. The sell off seems to be driven by global risk aversion and profit booking before ECB. DAX is currently trading at 11258. Immediate support lies at 11180 and resistance at 11520.

• EuroStxx50 - EuroStxx is down to 3,555 after failing to close above the next psychological level of 3600. The sell off seems to be driven more by profit booking. Italy is down by only 0.10% and Spain by 0.40%. EuroStxx50 is currently trading at 3555. Support lies at 3520.

• Nikkei - Nikkei continue to suffer from the comments over the monetary policy. The reductions in rates by other central banks also reduce the advantage of the Japanese companies over weak Yen. Nikkei is trading at 18600. Immediate support lies at 18500 and 18380.