Technical analysis for FTSE 100 for 2nd October 2025
Well we certainly got the new month money kick up yesterday as the bulls pulled away from the 9350 level having finally broken it. That bodes well for some more upside (the bulls would probably like a US government shut down more often!) and a possible rise today to test the R2 level at 9535 if they can break above the initial resistance level at 9493, where we have R1 and the key fib. Also the round number obviously...
We are just on that lower resistance level as I write this so we may well get an initial drop down to the 9420 support level which is where we have the daily pivot and also the Hull MA on the 2h so should that play out I would like to see that hold. The bulls will certainly be keen to keep the momentum going...
If the bears were to break below 9420 today though then we may well drop right back to retest the 9350 support level again, though I am not expecting that today. Both the Raff channels are heading upwards again now, and we have just moved above the 20d channel top this morning, with the 10d just above and aligning with R1 to give this level some more gravitas. Meanwhile, if they were top break above the 9534 (and bear in mind that I have been looking for 9700+ since early this year) then the bulls will be aiming to target the 9608 R3 level higher up - that feels like it might be a bit optimistic for today given the rise yesterday, so a bit of consolidation today would make sense. 9534 may cap proceedings today though.
The 9355 level is also the key fib and 30m 200ema for today but that would be quite a bearish day if it were to get that low so I am more inclined to go with a defence of 9420.
For the DAX40, the price is just on the key fib resistance initially at 24272 so again a dip down to the daily pivot at 24077 would make sense, before some more upside later on. It's also just sat at the top of the 20d Raff channel with the 10d at R1 as well - so expect a reaction at 24413.
The S&P500 is also looking bullish as everything climbs and again a dip and rise may well play out with support at the 6690 level. The bulls will be looking to push it up towards the 6739 key fib level today as well as the shut down continues. That does mean that we won't be getting NFP jobs data tomorrow as well, which may be a good thing for the bulls given ADP disappointed yesterday!
Good luck today.
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