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New month money with 8220 8182 8161 support | 8290 8345 resistance

#1 · 1st October 2024, 10:41 am

Technical analysis for FTSE 100 for 1st October 2024

The FTSE 100 ended lower on Monday amid broader market weakness, though it clocked quarterly gains, while the midcap index slipped after Aston Martin issued a profit warning.

Start of the new month again so an initial kick up to start with as the new month money comes in may well materialise at the open, and a test of the 8290 area where we have 2h resistance from both the Hull MA and the coral line.

The bulls defended the 8255 level yesterday but the bounce was modest, and should they break that today then a slide down to the next key support around the 8220 area is likely. After any initial rise then we may well see a bear Tuesday play out. The Chinese stimulus measures have certainly helped the domestic stock markets, but the excitement hasn't spread to the West at all, unlike on previous occasions. Shows there is now a greater disconnect between East and West playing out.

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