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No FOMC rate cuts imminent | 8125 8090 support | 8161 8205 resistance

#1 · 2nd May 2024, 8:57 am

Technical analysis for FTSE 100 for 2nd May 2024

Not really much of a surprise that rates will stay higher for longer, however the bulls fought it well yesterday with the climb from the 5010 S&P500 level, which also helped pull the FTSE100 away from the 8100 level. As such, that keeps hopes alive of a further test of the 8200 level and 8205 daily level. If we see that today then we may well see yet another dip off that.

If the bulls manage to break 8200 with some conviction though, then a rise towards the 8246 R3 level may well play out though to be honest that feels a big ask today. Worth noting that we also have NFP data out tomorrow so a bit of caution ahead of that today may well be the order of the day.