Technical analysis for 12th May 2026
FTSE 100
- Bias: Bearish
- Weakest equity index on your charts again
- Downtrend channel intact
- Continues failing below falling EMA structure
- Key levels
- Resistance: 10,253 → 10,290
- Support: 10,200 → 10,187 → 10,152
- Trading view
- Prefer short setups while below pivot
- Any rally toward EMA resistance likely sold
- Needs breakout above 10,300+ to improve outlook
- FTSE continues to lag badly versus US indices.
DAX40
- Bias: Bearish / sell rallies
- Strong rejection from upper channel last week
- Now trading below pivot and below short EMA support
- Momentum rolling over with lower highs forming
- Key levels
- Resistance: 24,300 → 24,384
- Support: 24,150 → 24,050 → 24,000
- Trading view
- Preference is fading bounces into pivot/EMA zone
- A break under 24,150 could accelerate downside
- Only reclaiming 24,380 shifts structure bullish again
- DAX currently looks vulnerable to deeper correction.
NASDAQ
- Bias: Bullish but stretched
- Trend structure still very strong
- Price holding above rising channel support
- Small indecision candle suggests consolidation, not reversal yet
- Key levels
- Support: 29,095 → 28,975
- Resistance: 29,350 → 29,488 → 29,605
- Trading view
- Buy dips remains preferred
- Expect choppy rotation rather than straight-line upside
- Momentum still strongest among major indices
- NASDAQ remains market leader.
S&P 500
- Bias: Mild bullish continuation
- Holding trend channel cleanly
- Higher lows intact
- Trading just above pivot and trend support
- Key levels
- Support: 7,376 → 7,352
- Resistance: 7,426 → 7,452 → 7,476
- Trading view
- Long above pivot
- Best entries likely come from pullbacks into support
- Failure below 7,350 would weaken bullish structure
- Still constructive overall.
GOLD
- Bias: Neutral → slightly bearish
- Gold failed again near upper resistance band
- Price rejecting around pivot area
- Momentum mixed and range-like
- Key levels
- Resistance: 4,748 → 4,788 → 4,825
- Support: 4,682 → 4,611 → 4,574
- Trading view
- Slight preference to short failed rallies
- Bullish only above 4,788 breakout
- Expect rotational/range trading unless macro catalyst hits
- Gold still lacks clean directional momentum.
What Matters Most Today
- If US indices hold above pivots after cash open → bullish continuation likely
- If DAX loses 24,150 early → stronger European selloff possible
- FTSE remains structurally weak unless US strength drags it higher
- Gold likely reacts sharply to USD/yields rather than technicals alone today
- US tech leadership still dominates the broader market structure.
Having failed just shy of the 10290 yesterday the bears have regained control and the FTSE100 looks weak for a potential bear Tuesday to play out today. The recent low at 10180 has held overnight and we may well see a small bounce off this again this morning. The daily pivot is looking like decent resistance at the 10253 level so should we see a rally to this area then a drop off from here would make sense.
If the bears were to manage a sustained break of the 10200 level then a further slide towards the 10152 S3 level could materialise today.
We have some key inflation news out from the USA at 1330 so likely to see some volatility then, so bear that in mind. Forecasts are generally for it to have increased slightly both monthly and annually for obvious reasons!
For the FTSE100 bulls, if they were to break the 10253 level then look for another test of the 200ema at 10270, with 10320 above that - the key fib and the R2 level both around this area. Generally though I am thinking that we are more likely to get a bear Tuesday and shorting any rally towards the pivot is the best play.
It's all generally looking fairly bearish at the moment with both the Raff channels heading downwards and the 2h chart now with a red coral trend line, so the bulls will certainly have a battle on their hands to reverse the slide - not helped by the political backdrop at the moment as Labour continue to reel from the local elections.
The US markets are a bit more resilient, with the Raff channels still heading upwards and the Nasdaq doing well still - the FTSE100 bulls will be hoping that starts to rub off over here soon.
Good luck today.
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