Technical analysis for 24th October 2025
FTSE100 Market Bias
- Bias: Mildly Bullish
- Intraday Direction: Sideways-to-up bias while above 9,590.
- Trade of the Day: Buy the dip for 9,629–9,653 targets.
- Caution: RSI approaching 70 — momentum may cool later in the session or early next week.
S&P500 Market Bias
- The bias is mildly bullish, assuming key support holds.
- Price is above its short-term moving averages and has shown recent bullish momentum.
- However, upside is not unchecked — resistance overhead and potential pull-back risk remain.
DAX40 Market Bias
- The DAX 40 is trading around 24,290
- Technical indicators show a mixed-to-slightly positive bias: Moving averages signal “Strong Buy” on shorter frames but the daily summary remains neutral
- Momentum is recovering — recent bounce off support levels in the low 24,300s.
- Overall: Modestly bullish if key support holds; if it breaks, downside risk dominates.
The FTSE100 bulls managed to test the 9595 level yesterday and we saw a modest reaction so they will be looking to break above that today. If they manage that then a rise towards the 9630 area looks doable, and with the R1 and key fib in this area then I expect to see the bears have another go from this level. We also have daily resistance at 9637 so I am thinking that this area may well cap proceedings today, at least initially.
Longer term it remains "buy the dip" and the markets are proving quite resilient still, shaking off most unsettling things pretty easily. The bulls will of course still be aiming for 9700 where now have the top of both the Raff channels today, though I am not expecting it to get that high today, especially as it's Friday!
If the bulls were to break above the 9640 area today then R2 at 7653 is next up, and then R3 at 6711 - feels a big ask though to get that high especially as 9700 is looking like a crucially key level so would be better tested next week.
Meanwhile, if the bears were to break below the 9562 daily pivot then 9530 is next up with S1 and the daily level here, then 9503 key fib below that, and with the round number, I would expect a bounce here. That said I am more inclined to go with the 9562 support level holding today.
News just out shows retail sales rose quite strongly in the latest quarter and were at their highest level since summer 2022. Although food stores saw very little growth, good weather in July and August boosted sales of clothing, while online retailing also did well.
DAX40
The German market also looks like an initial rise towards the 24332 key fib resistance and then a drop down to test the daily pivot at the 24165 level, and the bulls should defend this area as we also have the green 30m coral here. 24205 is also the 30m 200ema, so if we were to drop down to this area then a bounce here certainly looks possible. Above the fib level then the bulls will be aiming to also break R2 at 24362, as that would lead to 24400 - though that may be a bit optimistic today.
S&P500
Again, a rise and dip would make sense with a test of the 6777 level where we have the key fib and the R1 level initially. The daily pivot at 6730 is looking like decent support, and the 2h chart is now also bullish again, with Hull MA support at the 6750 level. Remains in "buy the dip" mode really, and the bulls will be looking to target the 6800 before too long. Below the daily pivot then look for a test of S1 at 6707.
Good luck today and have a great weekend.
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