Technical analysis for 24th March 2026
FTSE 100 — Bearish
- Structure
- Strong rejection lower
- Only minor bounce attempt
- Price below pivot + EMA resistance
- Channel trend intact
- FTSE still weak overall.
- Bias: Sell rallies
DAX — Bearish (weak bounce rejected)
- Structure
- Strong prior selloff, followed by small indecision / weak bounce
- Price sitting below pivot + EMA cluster
- Still firmly inside descending channel
- No break of lower-high structure
- Bias: Sell rallies
NASDAQ — Bearish with short-term bounce
- Structure
- Bounce from channel lows / S1
- Price testing pivot area
- EMAs still pointing down
- Structure still lower highs overall
- This is corrective, not reversal.
- Bias: Sell strength (after bounce)
S&P 500 — Bearish continuation
- Structure
- Clean downtrend channel intact
- Price hovering around pivot
- EMAs sloping down
- Lower highs + lower lows still intact
- No structural shift yet.
- Bias: Sell rallies
GOLD — Strong bearish trend
- Structure
- Continuous impulsive downside
- Lower highs accelerating
- Price below all key levels (pivot + EMAs)
- No meaningful bounce structure
- Still the cleanest trend on the board.
- Bias: Sell rallies (strong)
Well that was good timing going long at 9685 yesterday as we saw Trump enable the afterburners and markets took off. Time will tell if it is sustainable or just a relief rally in the bigger downtrend still, as at the end of the day the war is still raging. That said I wouldn't be surprised if we see the markets catch their breath a bit today and a bit of consolidation plays out. Maybe later a bear Tuesday will kick in also.
Looking at the 30m chart:
- Price is compressing just below pivot
- EMAs still bearish, but flattening
- Recent candles show loss of downside momentum
- This is key:
- After strong selloffs, markets often:
- Squeeze up first (trap)
- Then continue down
- After strong selloffs, markets often:
For today we may well see an initial rise towards the 10030 resistance area before the bears reappear, though we also have the 10000 level with the red 2h coral and just above the 9987 key fib. Given the bulls failure to break and hold above 10000 yesterday with such a strong tailwind, we are still in sell the rally mode. If they were to break the 10030 level then 10108 R1 is next up, though that could be a bit optimistic for today. Once again, news notwithstanding.
Support wise then 9890 daily pivot is the first level to keep an eye on, with the 9740 S1 level below that, if the bears were to break the Hull MA on the 2h at 9850 and the 9827 key fib.
Lower down then yesterday's low and daily support level of 9680 remains in play, with 9520 S2 below that.
Generally today it looks like we will be in for a rise, at least initially, as the various 2h Hull MAs have decent support - 6542 for the S&P500, 22375 for the DAX40.
On the news front we have the PMIs at 0930 so expect some movement then - the forecasts are for a slight drop on the previous ones.
Good luck today.
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