Technical analysis for 4th September 2026
A great climb yesterday to the R2 level and then the subsequent drop. The bulls fought back a bit and have managed to keep the price above the 10800 level for the moment and with NFP today we may see a buy the rumour, sell the dip day play out. Initially I am looking at the daily pivot for support at the 10813 level and if this can hold then we should retest yesterday high at 10867, with a potential rise further to the 10892.
It will be all eyes on NFP dat at 1330 with a forecasted 56k. We may well see the same pattern for the S&P500 with a rise prior to the news and a test of the R1 7787 level before some profit taking ahead of the weekend.
Back to the FTSE100 and if the bulls were to break higher still then the recent high at 10922 is next up though that could well be a bit of a big ask ahead of the weekend. The bulls will however have the momentum going into today with the move back above 10800 and overnight hold of the 10830 area.
If the 10800 level was to break though then I am looking at the 10761 S1/2h coral level as the next support with a potential slide down to the 10689 daily level again. The ASX200 was bearish today and the FTSE100 could follow suit - continue to keep an eye on bond yields and also the oil price - currently around the $95 area.
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