Technical analysis for 9th September 2026
Yesterday's bearish view worked well, and I would retain a bearish bias this morning. The current price is around 10,765–766, having fallen decisively below yesterday's 10,805 support area and now trading underneath the daily pivot and both short-term daily EMAs. The 30-minute chart is particularly weak: price remains below the 10, 25 and 200 EMAs and has spent the overnight session consolidating near the lows rather than producing a meaningful recovery. That suggests to me that yesterday's decline hasn't yet been fully repaired. As such I am thinking that we will see a dip and rise today, ahead of ECB interest rate news tomorrow, and UK GDP on Friday.
FTSE100
Bias: Neutral / Bearish
I'm becoming more cautious on the FTSE100. The benefit from rising oil to heavyweight energy shares remains, but we're getting dangerously close to the point where the inflationary consequences of expensive oil outweigh the benefit to BP/Shell-type stocks. There's also a UK-specific problem: borrowing costs. Britain sold £4.25 billion of 30-year gilts yesterday at a yield of 5.8168%, the highest at a UK gilt auction or syndication since comparable records began in 1998. That's a significant headwind.
- Today my preferred sequence is:
- Rally → 10800 → rejection → SHORT
- I'd then watch:
- 10,780, 10,750 and potentially: 10,700
- Bullish Alternative
- If we get:
- 10,825 reclaim → successful retest → higher low
- I'll abandon the immediate short idea.
- That could reopen 10,850 → 10,900
- If we get:
- Primary Bias: SHORT BELOW 10,825
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