Bulls regain control | 10510 10584 resistance | 10420 10405 support

Technical analysis for 25th June 2026

Today's charts show a notable divergence between Europe and the US. The DAX remains structurally constructive, the FTSE continues to grind higher, while the US indices are attempting to stabilize after recent weakness. Gold remains the clearest bearish trend.

FTSE 100

• Bias: Bullish
  • The FTSE remains one of the strongest charts.
  • Price is above both moving averages.
  • Higher lows continue.
  • Trend channel remains intact.
  • Holding comfortably above the EMA cluster.
• Key Levels
  • Resistance
    • 10,492 R1
    • 10,527 R2
    • 10,584 R3
  • Support
    • Pivot: 10,435
    • EMA25: 10,432
    • S1: 10,384
• Trade Plan
  • Buying pullbacks into 10,410–10,435 remains favoured.
  • Above 10,492 momentum should accelerate.

DAX 40

• Bias: Bullish
  • Price is sitting just above the rising EMA25.
  • Long-term uptrend remains intact within the rising channel.
  • Yesterday's selloff found support exactly where buyers would be expected.
  • The daily pivot is almost identical to current price, suggesting a decision point.
• Key Levels
  • Resistance
    • R1: 24,949
    • R2: 25,156
    • R3: 25,337
  • Support
    • EMA25: 24,827
    • Pivot: 24,768
    • S1: 24,560
• Trade Plan
  • Buy dips above 24,730–24,770.
  • A break above 24,950 opens the way towards 25,150.

Nasdaq 100

• Bias: Neutral → Slight Bullish
  • The picture has improved compared with yesterday.
  • Buyers defended the rising trendline.
  • Price has reclaimed the EMA200.
  • EMA25 is flattening rather than falling.
  • Yesterday formed a recovery candle after the sharp selloff.
• Key Levels
  • Resistance
    • 29,846 EMA25
    • 30,081 R1
    • 30,429 R2
  • Support
    • Pivot: 29,521
    • S1: 29,174
    • EMA200: 29,616
• Trade Plan
  • Above 29,600 favours buying dips.
  • Failure back below 29,500 would return the bearish bias.

S&P 500

• Bias: Neutral
  • Strong recovery from yesterday's lows.
  • Trading around the pivot.
  • EMA25 still points lower.
  • Trend has not yet fully reversed.
• Key Levels
  • Resistance
    • 7,434 EMA25
    • 7,441 R1
    • 7,481 R2
  • Support
    • Pivot: 7,389
    • S1: 7,349
    • S2: 7,296
• Trade Plan
  • Above 7,390 buyers have a slight edge.
  • Under 7,350 sellers regain control.

Gold

• Bias: Strong Bearish
  • Gold continues to be the cleanest trending market.
  • Strong sequence of lower highs and lower lows.
  • Price remains below all key moving averages.
  • Trading inside a well-defined falling channel.
  • Little evidence yet of meaningful buying interest.
• Key Levels
  • Resistance
    • Pivot: 4,023
    • R1: 4,086
    • R2: 4,176
  • Support
    • S1: 3,933
    • S2: 3,870
    • S3: 3,780
• Trade Plan
  • Sell rallies back toward 4,020–4,080.
  • A break below 3,930 targets the 3,870 area.

Other Opportunities Today

• Best Long
  • FTSE 100
    • Buy pullbacks into 10,410–10,435
    • Initial target: 10,492
    • Extension: 10,527
• Second Long
  • DAX
    • Buy above 24,770
    • Target: 24,950 → 25,150
• Best Short
  • Gold
    • Sell rallies toward 4,020–4,080
    • Target: 3,930 → 3,870

Market Theme
Today's daily charts suggest Europe continues to show relative strength, particularly the FTSE and DAX. The US indices have improved after recent selling but are still in recovery mode rather than clear uptrends. Gold remains the weakest market technically, with the prevailing trend still favoring selling rallies until price can reclaim the falling EMA25 and break out of its descending channel.

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This looks more like a decision day than a strong trend day. The daily chart is constructive, but the 30-minute chart is consolidating after recent moves. The first hour of the London session should provide the clue:

• Reclaim and hold above 10,443: Favors a move into 10,492–10,527.
• Break below 10,400: Favors a move toward 10,344.

Given the current structure, I'd avoid chasing moves before London opens and instead wait for price to confirm whether it can hold above or below the Pivot. That confirmation is likely to provide the highest-probability trade of the session.

Good luck today.

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