Technical analysis for 29th January 2026
FTSE100 Bias
- Bias: Bullish but Rotational
- Context:
- Strong push above pivot
- Higher lows forming
- Still under major resistance near R2
- Plan:
- Buy zone: 10,175–10,190 (pivot / EMA pullback)
- Targets:
- R1 ≈ 10,212
- R2 ≈ 10,265
- Bearish invalidation: Break below 10,150
S&P500 Bias
- Bias: Bullish (Buy Dips)
- Context:
- Price holding above Daily Pivot
- Higher low structure forming
- EMA(10/25) turning up and supporting price
- Plan:
- Buy zone: 6,975–6,990 (pivot / EMA support)
- Targets:
- R1 ≈ 7,017
- R2 ≈ 7,047
- Bearish invalidation: Break and hold below 6,950
DAX40 Bias
- Bias: Bearish / Sell Rallies
- Context:
- Price is sitting below Daily Pivot (P) and struggling to reclaim short EMAs.
- Rejection from R1 zone earlier, followed by strong bearish candle.
- Structure suggests lower high → continuation lower.
- Plan:
- Sell zone: 24,840–24,900 (pivot + EMA cluster)
- Targets:
- S1 ≈ 24,720
- S2 ≈ 24,595
- Bullish invalidation: Clean hold above 24,950
FTSE100 Roadmap
- Above 10,163: Buy dips → target 10,208 → 10,265
- Above 10,208: Momentum continuation → 10,300
- Below 10,117: Pullback resumes → 10,090–10,050
Today’s Likely Path
- Early: Shallow pullbacks into 10,170–10,195
- Mid-session: Test of 10,208
- Bull case: Extension to 10,265 → 10,300
- Bear case: Drift to 10,117, buyers defend
The 2h FTSE100 chart has gone bearish after yesterday's drop off the 10230 level but the bulls are hanging in there and have managed to break above the Hull MA resistance at 10181 overnight. As such we can more than likely expect another charge for 10230, and we still have the 10280 area as strong resistance above that. If we do see that later today then it's worth shorting this area.
We started with the tech earnings yesterday and details for the staggering amounts being spent on Ai development by Microsoft and Meta is quite something with the former splashing out almost $38 billion in the quarter, up two-thirds on the previous year. Meta boosted its capital spending plans for this year by 73% to a range between $115 billion and $135 billion. Apple is next up later today....
Initially the FTSE100 looks like a possible decline to test the daily pivot level at 10174, and if this holds we should see a rise and dip day play out. If it breaks then a retest of the 10140 level is likely, and we have 10083 below that as S2 and daily support.
If the bull manage to get the price back above the 10200 level then 10230 as mentioned, 10280 above and possibly even R3 at 10299....
The 2h charts are now bearish for both the DAX40 and S&P500 with 24903 holding overnight, and the 7005 level on the S&P500. The bulls will need to break this as that would likely enable a test of the 7017 R1 and possibly 7027 key fib. They would certainly like to cement a break and hold of 7000.... That would help pull the FTSE100 up as well then.
Good luck today.
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