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New month money but Europe holiday | 8130 8091 support | 8180 8205 resistance

#1 · 1st May 2024, 8:42 am

Technical analysis for FTSE 100 for 1st May 2024

All major European markets (ex-UK) are closed today for Labour Day.

Start of the month so a kick up to start with is likely but with all European markets closed for Labour Day, apart from the FTSE100, it may be more lacklustre than usual.

That said I am still thinking that we will get a rise and dip play out today and a test of the 8200 level again. 8204 remains as daily resistance and a double top with yesterday would fit the charts pretty well. The Raff channels continue to head up on the FTSE100 as well and the bottom of the 10d channel aligns with S3 for today.

We do have the FOMC later (1900) and rates expected to remain unchanged. Traders will be watching the press conference at 1930 for rate guidance clues. Still doubt much will change in the near term though.