Technical analysis for FTSE 100 for 9th July 2025
Actually got quite bullish in the end yesterday with the bulls breaking above the 8820 in the end as they continue to strive for another test of the 8900 level, which looks possible for today as we have R1 and the key fib both here to start with. For the first time in a while we have R3 above the 9000 level at 9017 for today, showing that the bullish momentum is continuing. The 10d Raff channel continues to head up steeply, while the 20d channel is levelling off a bit. Still expecting 9000 this year!
The 2h chart is also bullish to start with following yesterdays climb and we have Hull MA support at the 8830 level from that, which also ties in with the 8836 daily pivot. Ergo it would be good to see this level hold initially for a push up and we may well see a rise and dip play out today.
If the bears were to break below the daily pivot then 8815 is the 2h coral line and also the 30m 200ema, with 8781 below that for key fib support. This latter level is worth a long if it were to get that low.
Above the 8906 level then the bulls will be aiming for R2 at 8947 though that feels a big ask for today, especially as we have no major news items scheduled for today. Though never exclude some random curve ball from the USA!
The key for the bulls will be the S&P500 defending the daily pivot to start with at 6215, a level that has also held overnight. US futures are muted at the moment, though the European ones paint a rosier picture which bodes well for some initial upside. If they do bounce it there then a climb to test the 2h resistance at 6248 and 6255 from the Hull MA and coral respectively may well play out. We also have R2 at 6257. Whilst on the S&P500, higher resistance is at 6270 for R3 though again, that may be a big ask for today and a more modest rise and dip looks possible. Below the 6215 level then a retest of the 6200 level that we saw on Monday, and also a test of the bottom of the 10d Raff channel here should see a bounce.
For the DAX40 it looks a similar pattern if the bulls can defend any initial drop down to the daily pivot at the 24163 level. That should then see a bounce towards the 24355 level where we have the key fib and R1 for today. This level may well get a reaction from the bears, and another drive down to the daily pivot. Higher up than R2 at 24465 is also the top of the 10d Raff channel so worth a short if seen. Below the daily pivot the bears could manage to drop it as far as the key fib at 24014, and just below S1 at 24052.
Generally thinking a rise and dip today and the bulls will be trying to keep the momentum going from yesterday.
Good luck today.
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