Technical analysis for 18th September 2026
Yesterday produced the relief scenario we were looking for: oil fell, bond yields eased and equities rebounded. The FTSE was particularly strong after the Bank of England paused active gilt sales, while Wall Street bounced as technology stocks recovered.
This morning that improvement is continuing. Brent has dropped to around $103–104, the US 10-year is back near 4.94%, and Gold has climbed to around $4,361. The Bank of Japan has also raised rates to 1.25%, but its relatively cautious message has actually weakened the yen.
That combination makes me more constructive on equities today than at any point this week.
The bulls will be looking to defend the 10800 level initially, however a slight dip lower to test the daily pivot at the 10775 would fit the charts well and set up a rally to attempt a break of 10825. With some strong resistance here, including both the Raff channels the bulls may struggle initially. However, if they manage to do so then I would like to see a rise towards the 10873 daily level next and a subsequent dip from that area. The bulls will be keen to build on the recent rise and end the week strongly and it looks like they may well manage to do so - a close above 10910 (whilst optimistic) would certainly bring the 11000 level back into play! Next week for more bull... maybe!
On the other hand, if the bears were to break below the daily pivot 10775 then I am looking at the 10746 area below, and possibly 10697...
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