Technical analysis for 20th October 2025
Following a decent Asian session we have managed to push past the 9380 level again out of hours, and that bodes well for continued upside today as a Bull Monday plays out - buy the dip basically! Initially we are on resistance at the 30m 200ema at 9398, so we may well see an early dip off this down to the key support level at the 9350 area. We have the Hull MA support there on the 2h chart, along with the daily pivot and green 30m coral (bullish uptrend).
Market Bias
- Primary Bias: Mild bullish retracement toward 9,420–9,460
- Secondary Bias: Watch for rejection near the EMA(200) around 9,440–9,450
- Volatility: Moderate — likely range 9,350–9,460 for most of the day
If the bulls manage to push past the 9400 area then we will likely see continued upside towards the key fib resistance at 9441, and with R2 at 9463 - this zone may well cap any upside today. Traders are in theory still cautious though gold is starting to roll over after its stellar run, which once again could be front running indices and we are on the cusp of the Santa Rally starting.
Summary View
- → Base Case: Look for buy-on-dip opportunities above 9,360 with targets near R1/R2.
- → Risk: A break below 9,350 would invalidate the recovery setup and re-expose 9,300–9,235.
If the bears were to break below the 9350 level this morning then 9310 is the next support zone as we have the S1 and key fib support levels here and I would like to see any test of that hold. With the various time frames all looking bullish to start with today then it suggests that the bias is more likely to be bullish though and a hold of the 9350 area makes sense. They will certainly be looking to build on the rise from Friday, and the drop off the 9380 resistance only got as far as 9350 after all.
S&P500
It's a similar picture with a dip and rise looking possible and the 6630 level looking good for support - we have the daily pivot here but also crucially the bullish 2h Hull MA support as well. Again, the bulls will be looking to continue Friday's rise and to break above the 6700 level. If the bears break 6630 then look for 6578 as the next support, while upside resistance above 6700 is R1 at 6723.
DAX40
We appear to have a decent range in play for today between 23910 and 24135 so look to play that and again buying the dip looks the likely scenario. There 23906 daily pivot tallies with the 30m coral, while 23930 is the Hull MA support. 23135 is the key fib and R1 level and just above the 30m 200ema so the bulls will see resistance here to start with. A break above this will likely see R2 at 24284. A break of the support meanwhile will likely see S1 and the key fib at the 23760 level. If thats seen then look for a bounce here.
Good luck today.
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