Technical analysis for 23rd March 2026
FTSE 100 — Bearish (oversold bounce risk)
- Structure
- Strong selloff into channel lows
- Small indecision candle
- EMAs downward
- Lower highs intact
- FTSE is extended, so bounce possible—but trend still down.
- Bias: Sell rallies (be cautious of bounce)
DAX — Bearish continuation (attempted bounce)
- Structure
- Strong impulsive sell candle followed by small reaction candle
- Still deep inside descending channel
- Price below pivot + EMAs
- No higher high / no structure shift
- This is only a pause after momentum, not reversal.
- Bias: Sell rallies
NASDAQ — Bearish (near support)
- Structure
- Price sitting around S1 / channel support
- EMAs clearly downward
- Lower highs intact
- Small indecision candle forming
- Possible short-term bounce, but trend unchanged.
- Bias: Sell strength (or sell bounce)
S&P 500 — Bearish continuation
- Structure
- Clean descending channel
- Price breaking lower toward S1
- EMAs trending down
- Weak reaction candles only
- No sign of reversal structure.
- Bias: Sell rallies
GOLD — Strong bearish continuation
- Structure
- Large impulsive bearish candles
- Breaking through S1 toward S2
- Strong rejection from EMA / pivot previously
- Momentum accelerating downward
- This is the strongest clean trend right now.
- Bias: Sell rallies (strong)
Currently it's looking like a big ask to get a Bull Monday with pretty much everything starting well down. However we may well see a rise and dip play out with an early climb to start with. As such, if markets rally towards their Friday closing level or their daily pivots for today then it's still a case of shorting the rallies and these resistance levels.
Obviously markets are currently being sentiment driven and the Middle East events, but with no clear resolution in sight but just a steady tit for tat ramping up instead we are in for continued volatility on the markets.
Initial support this morning is at 9800 with the 9715 area below that and this also looks pretty key if tested, as we have S1, 10d Raff and the 200ema on the daily all here. Just below this is the lower daily support at 9680 as well - a level that we may see tomorrow if the bears continue to drive it down. We might not get this low today as we are already at -120 for the FTSE100 and its pretty rare to get more that that - not impossible though. If it was to test this area then a long here is worth a go though!
The USA don't like waking up to a really negative market so we may well see some strong buying as the S&P500 opens.
Above the daily pivot at 9920 then the bulls would likely be aiming for the 9987 key fib, and 10000 above that, with the key fib at 10014 also. 10046 is R1 though I am not expecting it to get this bullish - unexpected news of a positive kind notwithstanding!
Similar outlook for the S&P500 and DAX40 with a rise and dip and I am looking at the 6544 and 22494 levels as the main resistance.
Good luck today.
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