Technical analysis for 26th November 2025
Overall Market Theme: Mild risk-on tilt but still vulnerable to pullbacks.
- Indices are stabilising after multi-day declines, but all remain below key moving averages on the daily charts.
- Short-term momentum (30m) is neutral-to-slightly bullish, with early-London/Europe likely to decide the day’s direction.
FTSE100 Bias
- Daily Bias: Neutral → Slightly Bullish Attempt
- Price attempting to break out of the short-term red down-channel.
- Reclaiming the pivot around 9638 is constructive.
- Still below the 10 & 25 EMA clusters → recovery is fragile.
The FTSE has pulled back but is stabilising, forming a tight consolidation. This is often a decision zone before either:
- A continuation upward toward the upper resistance,
- A breakdown back into yesterday's range.
Currently price is slightly bullish intraday, but the lack of momentum suggests the move isn't strong yet.
S&P500 Bias
- Daily Bias: Bullish → but stretched & consolidation-prone
- SPX remains the strongest of the three indices.
- Still trading above multi-day support, with buyers defending dips.
- Momentum slow, but structure remains upward.
DAX40 Bias
- Daily Bias: Neutral → Mildly Bearish, but at intraday support
- DAX has been weaker than FTSE recently.
- Price remains below daily EMAs and under short-term down-channel resistance.
- Overnight structure usually shows DAX leading Europe weakness.
Well here we are at budget day at 12:30 and pretty much everyone is bracing themselves.... With most of it "leaked" already and the market pretty much knowing what to expect we may well see the FTSE100 remains resilient, and I am looking for support at the daily pivot on any drop back at the 9600 level. There is the potential for a rise towards the 9700 level once again today and R1 at 9680 looks like it will be tested, as the bulls are certainly fighting back well.
The 2h chart remains bullish with support from the Hull MA at 9575, so should the bears break it lower then look for a bounce off this moving average area. 9556 is also S1 for today, and we also have the 30m 200ema at 9580, so should we see the bears try to break lower, the bulls have some decent supports to fight back from. Of course, the budget may well scupper any plans they have!
Today the price is trying to break out above the top of the 10d Raff channel which has resistance at the 9650 level - pretty much where we are as I write this, hence thinking that we could see an initial drop down into that support area.
If the bulls were to break above the 9701 daily resistance level then look for 9725 R2 - that might well be a tad optimistic for today, but given that it will decisively break above the 10d Raff channel if it did so it sets a more bullish tone for the remainder of the week. 9800 is R3 and also the top of the 20d Raff channel for the moment but I am not expecting it to get that high today.
If the USA continue to rise then it should help the FTSE100 to do the same as we close out November.
Similar picture for the DAX40 and S&P500 with a potential drop to the daily pivot and then a bounce as the bulls look to continue the momentum this week. Resistance ion both is at R1 to start with at 23710 and 6826 respectively. The S&P500 has the top of both the 10 & 20d Raff channels at 6805, hence thinking an initial dip down before more momentum kicks in later. Also note that the US is closed tomorrow for Thanksgiving.
Good luck today.
Interested in how to start trading the FTSE 100? Frequently Asked Questions on Spread betting
Recommended Broker for trading - MT4/5, web and mobile
IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!
Join my Membership for Trading Tips, Support and Resistance Levels with Live Trading
If you would like more detailed analysis for FTSE 100, DAX40, Gold and the S&P500, including the trades that I am looking to take myself, then please join my active members community.
Keep up to date with new website posts, free sign up below
