Technical analysis for 23rd January 2026
FTSE100 Bias
- Technical State
- Price hovering around daily pivot + EMA cluster
- Still inside a rising daily channel
- RSI mid-range → no strong momentum
- Bias
- Intraday: Neutral → Bearish
- Levels
- Resistance: 10,180 → 10,260 → 10,315
- Support: 10,110 → 10,020 → 9,980
- Trade Logic
- Sell rejection near 10,180–10,260
- Buy only near 10,000–10,020 with bullish confirmation
S&P500 Bias
- Technical State
- Trading below EMA10/25
- Range-bound with lower highs
- Pivot acting as resistance
- Bias
- Intraday: Bearish
- Levels
- Resistance: 6,900 → 6,950 → 7,000
- Support: 6,820 → 6,740 → 6,690
- Trade Logic
- Sell below 6,900
- Buy only on strong reclaim of 6,950+
DAX40 Bias
- Technical State
- Below short-term EMAs
- Pulling back from channel mid
- RSI weak (~40–45)
- Bias
- Intraday: Bearish
- Swing: ⚖️ Neutral → Bullish (trend intact above major support)
- Levels
- Resistance: 25,050 → 25,200 → 25,300
- Support: 24,700 → 24,550 → 24,300
- Trade Logic
- Short rallies into 25,050–25,200
- Look for long setups near 24,500–24,700
FTSE100 Roadmap
- Above 10,170: Bias flips bullish → target 10,203 → 10,259
- Between 10,080–10,170: Range trades only
- Below 10,080: Pullback continuation → 10,024–10,000
Today’s Likely Path
- Early: Range around pivot
- Mid-session: Attempt reclaim of 10,170
- Bull case: 10,203 → 10,259
- Bear case: Drift to 10,080–10,020
The bulls are hanging in there and will be looking to build on the recent strength to close the week out strongly, however there is initial resistance at the 10170 level with the daly pivot and the red 30m coral here, so they will need to break this. if they do so then we should see a rise towards the 10233 key fib level and a push past the R1 at 10202 and round number. We may well see some profit taking here ahead of the weekend, but if the rise were to carry on then I am looking at the 10283 level as the next main one. Again, it's probably worth a short here as well.
We probably won't go too much higher than this as it's a Friday (and a day to be cautious) but the 10300 round number is the next one above that.
On the support side of things then the 10140 area is first up and has held overnight - so this may well hold if the bulls are quick out the blocks this morning. Lower down than the 10099 key fib and round number are the next ones to watch for, with the 10083 daily level below that.
The Raff channels continue to head up and whilst the 2h FTSE100 chart is bearish, the price is actually above the Hull MA making it weak. The DAX40 and S&P500 2h charts are actually bullish for today so may well lend the FTSE100 some support.
For the S&P500 I am looking for the daily pivot to hold initially at 6913 and set up a climb towards the 6961 key fib level. If the bears break lower though then look for a slide down to the 6890 S1 and 200ema level.
For the DAX40 the bulls will be aiming to drive it up towards the 24997 key fib level, and it's dependant on the daily pivot at 24845 holding initially.
Good luck today and have a great weekend.
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