Technical analysis for 23rd September 2026
The overall tone remains reasonably positive this morning. The biggest improvement continues to come from oil, with Brent around $95, helped by improving Middle Eastern supply and the restart of Saudi Arabia's East-West Pipeline. Asian technology shares are also extending their gains as enthusiasm around AI remains strong.
The main restraint on markets remains interest rates. The Federal Reserve has already tightened this month and investors continue to price a meaningful possibility of another increase in October. That means the current equity rally still has to contend with relatively restrictive monetary conditions.
The bulls will be looking to build on yesterdays strength and we may see another attempt to push it up towards the 10825 level that has been significant recently. As such it feels like buying the dip is the right move once again, and initially I am looking at a drop down to the 10740 area for a test of the daily pivot and the 30m 200ema. If this were to hold then we should see a decent bullish reaction here.
If however it gets broken then I am next up looking for a slide down to the S1 level at 10711 and if it were to do this then I think the bulls will definitely defend this live - after all they will be keen to keep the price above the 10700 level.
On the upside then I am looking at the 10810 R2 level if we can break 10780 early on this morning. The charts are generally positive for today so I am favouring some bullish overtones again, with a similar pattern to yesterday. With the key fib and R2 both at the 10810 level then this may be a tough one for the bulls to break, but above this then look for a test of the 10873 level. That may be a bit optimistic for today but you never know...
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