Technical analysis for 3rd June 2026
The bullish momentum in the US indices remains intact, but we're now approaching short-term resistance zones where pullbacks are becoming more likely. DAX is consolidating, FTSE remains relatively weak, and Gold has resumed its broader bearish structure.
FTSE 100
- Bias: Neutral to Slightly Bearish
- Still trading below declining trendline resistance.
- Price remains below key moving averages.
- Recent bounce lacks conviction.
- Relative strength weaker than DAX and US indices.
- Levels
- Resistance: 10,391 → 10,416 → 10,452
- Support: 10,322 → 10,264
- Trading Bias
- Sellers likely active into rallies.
- Need a daily close above 10,400–10,450 to turn constructive.
DAX 40
- Bias: Neutral-Bullish
- Price is sitting almost exactly on the daily pivot (25,147).
- Still above the rising 25 EMA (24,985).
- Several small-bodied candles show indecision after the strong rally.
- RSI near 59 suggests momentum remains positive but is cooling.
- Levels
- Resistance: 25,147 → 25,311 → 25,528
- Support: 24,985 → 24,930 → 24,766
- Trading Bias
- Above 25,147: bullish continuation toward 25,311.
- Below 25,000: likely retracement toward 24,930.
Nasdaq 100
- Bias: Bullish
- Trend channel remains firmly higher.
- Price continues making higher highs.
- Trading comfortably above 25 EMA.
- No meaningful bearish reversal candle yet.
- Levels
- Resistance: 30,814 → 30,968 → 31,221
- Support: 30,560 → 30,407 → 30,153
- Trading Bias
- Buy dips above 30,560.
- Trend remains intact until a daily close below 30,400.
- Target zone: 30,814 then 30,968.
S&P 500
- Bias: Bullish
- Strong uptrend channel.
- Holding above pivot (7,601).
- EMA structure remains very healthy.
- Momentum still positive despite some resistance overhead.
- Levels
- Resistance: 7,632 → 7,652 → 7,684
- Support: 7,581 → 7,549 → 7,529
- Trading Bias
- Long while above 7,580.
- Pullbacks should remain buying opportunities.
Gold
- Bias: Bearish
- Price rejected from pivot.
- Trading below declining EMA.
- Downtrend channel remains intact.
- Lower highs and lower lows continue.
- Levels
- Resistance: 4,497 → 4,530 → 4,575
- Support: 4,451 → 4,418 → 4,373
- Trading Bias
- Favour selling rallies while below 4,500.
- Bears remain in control unless price regains 4,530.
Best Trades Today
- 1. Nasdaq Long
- Above 30,560
- Target 30,814 then 30,968
- 2. S&P Long
- Above 7,580
- Target 7,632 then 7,652
- 3. Gold Short
- Below 4,500
- Target 4,451 then 4,418
- 4. DAX Long (secondary setup)
- Above 25,147
- Target 25,311
The clearest directional view today is still long US indices, cautiously bullish DAX, avoid FTSE unless it breaks higher, and sell Gold rallies until the daily structure changes.
A decent day yesterday that saw a good FTSE100 reaction at the 10333 support level. The bulls will be looking to build on that and ideally need to push above the 10400 level to keep the bulls momentum going. There is strong resistance initially though at the 10390 200ema with 10452 above that. They may struggle to break higher than that, despite the US markets best efforts to keep the bullish momentum going.
Initial support is at the 10358 daily pivot and if this holds then we may well see a rise and dip play out today. The ASX200 had a similar pattern, and the FTSE100 may also be helped by a slight uptick in the oil price overnight.
Below the 10350 level then the 10294 key fib is next up with the 10219 lowest daily support still on the cards - the FTSE100 does still look nervous but with yesterday's rise the 2h chart has somewhat reluctantly gone bullish with 10333 support. Double bottom bounce with yesterday if it were to get there again potentially.
The daily chart has also weakened a bit with the price now holding below the 25ema further weighing on the bulls.
Generally today I am thinking an initial dip then a rise once again and am looking at the 10357 FTSE100 support level, 24991 DAX40, and the 7600 level for the S&P500.
News at 3pm for ISM PMI in the US may well lead to some chop around then so keep an eye on that, forecast is for a very small rise to 53.8 from 53.6 previously.
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