Technical analysis for 2nd December 2025
FTSE100 Bias
- Overall Bias: NEUTRAL → SLIGHTLY BEARISH (Short-term)
- FTSE rolled over from resistance and is now trading below the pivot and below intraday EMAs, signalling short-term weakness.
- Bias by timeframe
- Short-term: Slight Bearish (below pivot, declining EMAs)
- Medium-term: Neutral → Slight Bullish (daily trendline support below)
- Long-term: Range-bound sideways market
- Momentum
- RSI mid-range but curling down
- Intraday momentum weakening
- Daily candles showing hesitation at resistance
- Key Levels
- Bullish above: 9,704 → 9,724 → 9,749
- Bearish below: 9,673 → 9,662 → 9,622
- Neutral / chop: 9,690–9,704
- Favoured trade types
- Sell rallies into resistance (below 9,704–9,724)
- Buy dips at major support (9,662–9,673 only)
S&P500 Bias
- Overall Bias: STRONGLY BULLISH
- S&P 500 continues to lead global risk appetite.
- The dominant force is megacap tech momentum (MSFT, NVDA, META, AAPL).
- Bias by timeframe
- Short-term: Bullish
- Medium-term: Very Bullish
- Long-term: Very Bullish (multi-month uptrend)
- Momentum
- RSI elevated but stable
- Price above all EMAs
- Volatility low → classic “bull grind” conditions
- Favoured trade types
- Breakout longs
- Trend longs on pullbacks to EMA20
- Position holding through strength
DAX40 Bias
- Overall Bias: BULLISH
- DAX remains the strongest European index — clean uptrend structure, shallow pullbacks, high momentum.
- Bias by timeframe
- Short-term: Bullish
- Medium-term: Strong Bullish
- Long-term: Bullish
- Momentum
- RSI healthy (not overbought)
- EMAs in perfect alignment (10 > 20 > 50 > 200)
- Every dip continues to find fresh buyers
- Favoured trade types
- Trend-following longs
- Buy-the-dip strategies
- Breakout continuation
Bit of a flat day yesterday for the FTSE100 but we may well see a more bearish overtone initially today as a bear Tuesday plays out. I am looking at the 9655 area being decent support today as we have a cluster of decent looking supports here as you can see from the table above. If the bulls can defend any drop down to here then we may well subsequently see a climb back towards the 9705 daily pivot level, and possibly higher to test 9725 R1.
If the bulls were to crack on then ultimately I am still looking for a test of the 9760 level and with the key fib at 9765 for today, should it get that high then a short here is also worth taking.
On the bearish side of the coin, if the bears break 9650 then we may well see the FTSE100 slide as far at 9623, however, I am liking the fact that the daily chart remains bullish with 25ema support at the 9650 level for today, following the bias swinging back bullish on that. We may yet get more of the year end rally......
It's also looking like a dip a rise potentially for the DAX40 and S&P500. Was a nice little bearish move last night on the latter with the 6840 holding as resistance and the gap from Fridays close being, errrrr, closed. Was worth waiting all day for that! The bears will be looking to drive it down further today and break 6800 and then a test of the 25ema on the daily at 6760 may well play out soon, and if that holds, tee up the year end rally.
On the S&P500 initial resistance is at the daily pivot at 6814 and then 6838 R1 above that.
For the DAX40, we could see the bears quick out the blocks, if the daily pivot and 30m 200ema hold as resistance at the 23630 area. Above that then I would try a short off the key fib at 23757, and support is at the lower fib level at 23418.
Good luck today.
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