Technical analysis for FTSE 100 for 2nd July 2025
The FTSE100 bounced just a bit below the 8750 support level, from 8730 instead and the bulls have managed to get the price back above the 8800 level overnight. They will be keen to build on this today and we may well see an early push up towards the 8830 resistance level. Ultimately they will be aiming for the 8900 level however we have 8890 as decent resistance in play for today which could cap any exuberance.
The 2h chart is nicely bullish to start with and we have Hull MA support at the 8785 level which is just above the daily pivot and also a couple of other supports on the 30m chart as you can see from the table above. As such should it drop to test this 8780 support area then I would like to see a bounce here and a recapture of the 8800.
If the bears were to break below the 8777 level though then a retest of yesterdays low at 8730 may well materialise, and we also have the key fib support at 8723 so another bounce here may well play out. That said I am more inclined to go with a defence of the 8780 today.
The ASX200 had a decent dip and rise today, and I am thinking we may well follow suit. The US has ADP jobs news at 1315 as well which may help the bulls later in the day. Remember that the US is closed on Friday, so we also have NFP out tomorrow. We could also see some US strength ahead of their Independence Day holiday.
Splitting those two major resistance levels of 8830 and 8890 we also have R2 at 8857 and also the top of the 2 Raff channels are back in play. These are at 8830 for the 10 day and 8845 for the 20 day. Following the recent slide from 8900 in May, these channels are both heading down now so the bulls will be keen to try and break above these channel tops.
For the DAX40 it looks a bit weaker - with a potential rise to test the R1 and key fib at 23930 possibly marking the top for today and then a slide down. The 2h chart is also bearish for today and has resistance a bit higher at the 23970 level - along with the 2h coral here. If R1 holds as resistance then the bears will be aiming for a slide down to the daily pivot support at 23780 and possibly even as low as 23600 to test the lower key fib support, along with S1 at 23574.
The S&P500 however mimics the FTSE100 (or vice versa!) and looks more bullish for today.... if the bulls can break 6226 which is the 2h Hull MA resistance to start with. We also have R2 at 6230 so any early rise could falter here for a drop back to test the daily pivot support at the 6197 level. Above 6230 then look for R3 at 6250. If the bears break the pivot then look for 6183 S1 and the 6163 area where we have S2, 30m 200ema and the key fib - so decent support at this level and worth a long if seen.
Good luck today.
Interested in how to start trading the FTSE 100? Frequently Asked Questions on Spread betting
Recommended Broker for trading - MT4/5, web and mobile
IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!
Membership, Trading Tips, Support and Resistance Levels with Live Trading
If you would like more detailed analysis for FTSE 100, DAX40, Gold and the S&P500, including the trades that I am looking to take myself, then please join my active members community.
Keep up to date with new website posts, free sign up below
