Technical analysis for 12th November 2025
FTSE100 Bias
- Bias: Bullish continuation, but near short-term resistance at 9,930–9,960.
- Momentum: Uptrend intact — supported by all EMAs (10, 25, 200) sloping upward.
- RSI (10): ~76 — approaching overbought territory, suggesting potential for minor consolidation.
- Buy dips within trend; watch for resistance fade near 9,950.
S&P500 Bias
- Bias: Mildly Bullish with caution
- Rationale:
- U.S. markets are generally holding up, but there are signs of pressure from valuation concerns and sector rotation (e.g., tech/AI stocks) producing some weakness.
- The broader trend remains upward, but near-term momentum may be stalling or consolidating.
- Interpretation:
- Focus: Buy dips rather than chasing strong breakouts.
- A break below key support would shift bias toward neutral or even mildly negative.
- Upside remains but may be less “runaway” and more measured.
DAX40 Bias
- Bias: Neutral to Mildly Bullish
- Rationale:
- The DAX continues to trade within a broader up-trend, supported by technical signals.
- However, macro risks (German industrial data, global trade) and near-term resistance zones temper aggressive bullishness.
- Interpretation:
- Strategy: Buy corrective dips while trend remains intact.
- Avoid forcing long positions without proper support or confirmation.
- If price breaks below significant support levels, the bullish case weakens quickly.
And here we are at 9900 with 10000 now in the picture! The bulls will be keen to continue to push on, however the daily RSI is getting toppy again at 75, so we could well see a bit of a drop back before the next assault higher. The 2h chart remains bullish following the 9730 bounce off the Hull MA and that is now at 9860, so should we see a pull back today I am looking at that and the daily pivot at 9885 as the main supports.
Initially we have resistance at 9932 with R1 here, and then 9953 for the key fib. Having held the 9923 level as resistance overnight we may well see the bears look to break it back below the 9900 level and with the DAX40 and S&P500 both looking at a potential dip and rise, we may well do the same.
We also have UK GDP news out tomorrow morning so I would expect some profit taking ahead of that which may well fuel any drop down today.
If the bulls were to break above the 9960 R2 level today then look for a test of R3 at 10006 and with that being such a significant milestone, we may well see that cap proceedings. The media will certainly be generating the headlines should we see 10k!
S&P500
The US remains bullish as well with a potential test of the 6880 R1 level today, and possibly even 6891 key fib above that. In a slight contradiction to the other 2 markets, the 10d Raff channel is heading down and we have the top of the channel on that at 6925. The 2h chart is however bullish and has 6800 Hull MA support. A dip and rise would make sense on this today as well, with longer time frames favouring buy the dip still.
DAX40
I am thinking similar for this with a rise initially to test the R1 and key fib at 24280 and then a bit of a drop back to 24122 daily pivot, and possibly 24023 to test S1 and the the 200ema on the 30m. Above the 24290 level then look for 24364 R2. Below the pivot then the bears may well take it as low as the 23963 key fib support but with a bullish 2h chart and Hull MA support at 24010 I am more inclined to go with any dips being heavily defended today.
Good luck today.
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