Technical analysis for FTSE 100 for 9th December 2024
We have tested the 8290 support overnight and it has held on this occasion which bodes well for a bit of a bull Monday once again. If we do get a retest of that level then it would be good to see it hold, and ultimately a rise towards the 8380 area today. In the way though is the 8350 area again, which was Friday's resistance and is also now the red 2h coral line.
To start with the bulls need to break above the red 30m coral at the 8315 level though and if they are quick out the blocks then that may well play out. If not then an early retest of the 8300-8290 level may well play out. Below the 8290 level we have 8265 with the key fib here, and I am also still keeping an eye out for a test of the daily 25ema which is at the 8250 level for today. The Raff channels are also still heading up, and both have support around the 8270 area.
Below 8250 and then the bears will be aiming for 8209 and S3, but given how well it has held up overnight, plus traders not wanting to miss out on the traditionally bullish December, I don't expect it will get down that low.
On the upside, if the bulls were to break above the 8380 level then 8408 is R3 and 8427 above that. Again, that might be a bit extreme for today and instead keep a close eye on the 8350 and 8380 resistance levels.
No major market news today to be aware of.
For the Dax40 it will all depend on the daily pivot holding initially, at 20370. If it does then a rise towards the 20477 key fib level would be likely.
For the S&P500, again it looks like the daily pivot at the 6085 and the green 30m coral at 6080 will be the supports to start with, and again, a defence of this area will likely lead to a bounce with 6100 and 6120 resistance levels in play.
Good luck today.
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