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Bulls recovering still | 8585 8609 resistance | 8520 8481 support | Fed interest rate 4.5%

#1 · 29th January 2025, 11:43 am

Technical analysis for FTSE 100 for 29th January 2025

Good reactions at both the key levels yesterday with the long from 8498 and the short at 8560 both playing out well. Monday's rapid sell off in the US unwound a little bit and the bulls managed to keep the S&P500 above the 6000 level and we are looking at opening around the 6070 level on that now - the gap still exists at 6097 so I expect we will see that close and then resistance here, possibly today as we start with the "Magnificent 7" earnings today.

At 1900 we have the Fed interest rate decision with it forecasted to remain at 4.5%. The press conference at 1930 may well see a bit more volatility though.

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