Technical analysis for 28th January 2026
FTSE100 Bias
- Bias: Mild Bullish → Range-to-Upside
- Structure:
- Price holding above rising channel support
- EMA25/EMA200 still sloping up
- RSI holding above 50 = bullish momentum intact
- Sitting near Daily Pivot
- Levels:
- Support:
- S1 ≈ 10,160
- Channel support ≈ 10,100–10,120
- Resistance:
- R1 ≈ 10,230
- R2 ≈ 10,300
- Support:
- Today’s Read:
- Bullish while above 10,150
- Expect dip buyers to defend pullbacks. Clean break above R1 opens a push toward R2.
S&P500 Bias
- Bias: Bullish Continuation
- Structure:
- Strong bounce off channel support
- EMA25 turning up again
- RSI rising = momentum recovery
- Holding above Daily Pivot
- Levels:
- Support:
- S1 ≈ 6,970
- Channel base ≈ 6,900
- Resistance:
- R1 ≈ 7,015
- R2 ≈ 7,080
- Support:
- Today’s Read:
- Bullish while above 6,950
- Break and hold above 7,015 opens continuation toward R2.
DAX40 Bias
- Bias: Neutral → Bullish Reversal Watch
- Structure:
- Recently sold off but now bouncing from lower channel support
- RSI recovering from weak zone
- Price back near Daily Pivot
- Levels:
- Support:
- S1 ≈ 24,780
- Channel base ≈ 24,650
- Resistance:
- R1 ≈ 25,040
- R2 ≈ 25,140
- Support:
- Today’s Read:
- Bullish above 24,850
- If it holds above pivot, upside rotation toward R1/R2 is favored. Failure back below support flips bias bearish fast.
FTSE100 Roadmap
- Above 10,193: Buy dips → target 10,230 → 10,266
- Above 10,230: Momentum continuation → 10,300+
- Below 10,157: Pullback resumes → 10,120
Today’s Likely Path
- Early: Shallow pullbacks into 10,200–10,215
- Mid-session: Test of 10,230
- Best bull case: 10,266 → 10,300
- Bear case: Failure back to 10,157–10,120
It's going to be all eyes on the Fed later as we have the interest rate decision at 7pm, though its unlikely to change. That's followed this evening by the start of the Tech earnings and we may well see a buy the rumour sell the news day ahead of that. Initially the FTSE100 is on resistance at R1 as I write this at 10230 and we may well get an initial dip down to the pivot at 10192. In fact the S&P500 and DAX40 also look like they will have an initial drop down to the daily pivot levels at 6985 and 24913 respectively. If the 10192 daily pivot level holds then I am looking for a push back towards the 10230 level, and then R2 at 10266. I feel like we may well start to see some stalling around here, and am also conscious of the daily resistance level at 10280 as well. Ergo some risk off/shorting at these levels is worth a go.
If the bears were to break below the 10190 pivot then 10129 is the key fib and the next level of note, and we also have daily support at 10134 and 10120 being the recent low. 10118 is S2 and as such I would like to see any test of this level hold. The 20d Raff channel continues to head upwards and the 2h chart also remains bullish. Gold is also powering ahead and now firmly above the 5200 level.... certainly on a tear!
For the S&P500 6985 holding should then set up a potential rise towards the 7025 level and a test of R2 if 7011 R1 breaks. 7031 is also the key fib just above this and as mentioned a buy the rumour sell the news pattern may well play out here.
The 2h chart for the DAX40 is bearish with 24924 resistance so this is key for the bulls to break and if they manage to then a rise towards the 25067 key fib is possible. The bulls will need to be quick out the blocks today though, but they are helped by a green coral on the 2h chart as 24840 as support if the pivot breaks.
Good luck today.
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