Technical analysis for 4th March 2026
FTSE 100 — Bearish correction
- Structure
- Large bearish reversal candle yesterday
- Broke channel midline
- Price below EMAs
- Sitting near S1
- Trend still bullish longer-term but short-term correction active.
- Bias: Sell rallies intraday
DAX — Strong bearish continuation
- Structure
- Two large impulsive sell candles
- Price clearly below EMA stack
- Trading below pivot
- Sitting near S1 and channel base
- Momentum is still expanding lower.
- Bias: Sell rallies
- Potential continuation toward S2 zone if weakness persists.
S&P 500 — Bearish trend continuation
- Structure
- Price inside descending channel
- EMAs pointing down
- Holding below pivot
- Lower highs structure intact
- Small pause candle today = consolidation after sell move.
- Bias: Sell rallies
GOLD — Bullish trend, corrective pullback
- Structure
- Uptrend channel still intact
- Pullback into pivot / EMA support
- No lower-low structure yet
- This looks like trend correction rather than reversal.
- Bias: Buy pullbacks
It's all still pretty weak as selling the rallies continues to be the play. There was a bit of a climb from the S3 weekly at 10400 yesterday and the bulls will need to be quick out the blocks today. Overnight this 10460 area has held as support so an initial rise from here may well play out, albeit a bit lacklustre, to target the daily pivot level at 10573. If the bulls were to break above that then look for a test of the 10650 level and the Hull MA resistance on the 2h chart here.
To get things properly bullish the bulls would need to break above the R1 level at 10740 which feels a bit of a tall order at the moment. Oil and gas is certainly helping the FTSE100 a bit still but markets are cautious and jittery as you would expect.
If the bears were to break below the 10450 level then I am thinking that we will see a slide down to the S1 level at 10350, if yesterdays support at 10400 were to break. Once again thought the US will be keen to underpin its markets and in turn the others. The bottom of the Raff channels are also both still in play with support around the 10420 level. A rise to test the 2h resistance would still fit the charts well.
Once again stay nimble and cautious.
Good luck today.
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