Technical analysis for 22nd September 2026
Yesterday delivered almost exactly the bullish macro combination we were looking for: oil fell sharply, the US 10-year dropped back below 5%, and equities rallied. The S&P gained 1.49% to 7,764.70, while the Nasdaq surged 2.26% to a record 27,122.09. The FTSE recovered 0.75% to 10,739.01.
This morning the tone remains constructive. Brent is hovering just above $100, Treasury yields have eased, Nasdaq futures are positive and European futures point roughly 0.3% higher. The counterweight is a stronger dollar and growing expectations of another Fed hike in October.
A decent session yesterday with the FTSE100 and GOLD trades both yielding well. With the bull Monday playing out we may well see a bear Tuesday today and the 10825 still features heavily as resistance - though just prior to that we have 10805 as R1 and the key fib - as such a short here is probably worth a go. if the bulls were to break above the 10825 level today then I am still looking at the 10873 level higher up, though I think that is unlikely today.
With yesterday's rise, the 2h chart is once again bullish, and has 10747 as support from the Hull MA. If the bears were to pierce this early on then I am looking at the 10723 daily pivot and 30m 200ema as decent support and we may well see some buying at this level. If however it breaks, then 10673 is S1 and then 10620 below that. Given the slightly more optimistic backdrop currently, I am more inclined to go with some continued upside and bullishness overall this week - oil staying below $100 will certainly help.
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