Technical analysis for 5th February 2026
FTSE100 Bias
- Bias: Bullish pullback → continuation
- Structure
- Still holding rising channel
- EMA stack supportive
- Pullback candle = consolidation, not breakdown
- Key zones
- Support: pivot / EMA cluster
- Resistance: channel high / recent swing
- Game plan
- Prefer buying dips
- Look for rejection at support
- Avoid chasing highs
S&P500 Bias
- Bias: Bullish continuation
- Structure
- Higher lows intact
- EMA trend support holding
- Channel structure clean
- Key zones
- Support: pivot / trend support
- Resistance: channel high
- Game plan
- Buy dips
- Ride continuation
- Counter-trend shorts low probability
DAX40 Bias
- Bias: Neutral → bounce potential
- Structure
- Inside downward channel
- Sitting near structural support
- Momentum slowing into lows
- Key zones
- Support: channel base
- Resistance: pivot / mid-channel
- Game plan
- Buy support reaction first
- Shorts only on clean support break
FTSE100 Roadmap
- Below pivot → sellers rotate market lower
- First magnet → 10,315
- If accepted → test 10,210
- Bulls only regain control above 10,500
Today’s Likely Path
- Most probable scenario:
- Early pop → rejection near pivot/R1
- → rotation toward 10,315
- → possible deeper test 10,210
- Alternate:
- Breakout above 10,500 → trend continuation
Just to let you know that I won't be sending an email tomorrow or Monday as I am travelling in the morning on both days as away for a long weekend. The next email will therefore be 10th February, though I will still be in the chat rooms occasionally tomorrow and Monday whilst monitoring the markets on my phone and sat in an airport!
The FTSE100 bulls fought back well yesterday with another strong showing and crucially broke above the 10420 level - which now means 10500 is the next major hurdle. A break above this will likely see the bulls continue to push on, though we may well be on for some consolidation today. We also have the BoE with an expected hold on rates at 1200.
I have plotted a plan B path (pink arrow) as we could see a drop down to the 10315 support level, if the bears were to break the 10390 level - so look to hop on that possible move and short the break. Initially though the bulls could be quick out the blocks and defend the daily pivot for a rise towards the 10485 level where we have a cluster of resistance levels, along with it being yesterdays high as well. Just above this 10503 is R1 and the crucial level - a break of which would likely see 10560 10d Raff channel top and possibly 10588 R2.
It doesn't look like it will go below 10315 today but if it did then 10209 is S2 and the bottom of the 10d Raff channel.
The S&P500 will also be looking to get back above the 6900 level and the bulls have fought back from the 6840 level overnight. However the daily EMAs are just going bearish with resistance at 6918 so they need to break that really. A possible overshoot to the 6930 area and then a drop would fit well, as we have both the key fib and the 30m 200ema at this resistance level and a 100 point slide from there may well play out to test the 6832 support.
The DAX40 has 24700 resistance first up, and then 24832 above that, with R1 at 24843. As such we have strong resistance at this level if they break above the 24700. Support is at the 24480 S1 and 24485 key fib, and if we get a drop to there today we may well see a bounce.
Good luck today.
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