Technical analysis for 23rd October 2025
FTSE100 Market Bias
- Market bias: Bullish above 9,500
- Intraday range: 9,450 – 9,627
- Outlook: Expect mild continuation higher toward 9,570 – 9,620 early, with potential resistance near 9,630. Dips back to 9,480 – 9,500 are buy zones while momentum stays firm.
- Watch: If RSI climbs over 70 with price near 9,630 +, watch for profit-taking pullback late in the session.
DAX40 Market Bias
- Market bias: Bullish above ~24,150 — the index has stabilised after a correction and shows signs of recovery.
- Intraday range: ~24,100 – 24,400 (dip-buy area to upside target)
- Outlook: Expect a mild upward drift early toward ~24,300-24,400, provided the pivot around ~24,150 holds.
- Watch: If the index rises toward ~24,400+ with RSI >70 and shows signs of exhaustion, be alert for profit-taking and a possible pull-back.
S&P500 Market Bias
- Market bias: Mildly bullish above the pivot zone, indicating scope for upside as long as key support holds. Technical summary shows a “Buy” signal bias on indicators.
- Intraday range estimate: Approximate support around the pivot (values vary by data-source) and upside toward key resistance levels
- Outlook: Expect a moderate upward drift in early trading, provided the index holds above the key support/pivot.
- Watch: If the index approaches major resistance while RSI or other momentum indicators turn over (e.g., RSI > 70), look out for profit-taking or a pull-back.
The bearish sentiment kicked in yesterday as the bears appeared at the 9550 level, helped by a broader sell off in the USA, but on the flip side the bulls have once again bought the dip and we have seen a decent climb so far off the 9465 support level. For today the bulls will be looking to continue that and we still have the bullish 2h chart, with support from the Hull MA at, funnily enough, 9465 today. As such any drop back down to that level is a decent buying opportunity.
Initial resistance is at the 9561 level where we have the key fib and just below R1 at 9569, so we may well see any early rise falter here, before resuming later to get a test of the 9595 10d Raff channel top. If the bulls were to break above 9600 today then look for 9627 R2.
Support is at 9490 to start with as we have the daily pivot here, and I would like to see any test of this hold, otherwise its 9465 as mentioned, then 9450 200ema on the 30m chart below that. 9430 is then S1 and the key fib and a level that the bulls must hold. As mentioned yesterday we may well be seeing the start of the Santa Rally, and the bulls defending the dip yesterday bodes well for a strong year end. If Rachel doesn't throw a spanner in the works at the budget next month!
On the news front we have the US initial Jobless Claims at 1330 with a small rise to 223k forecasted. With this release we may well see a bit of volatility at this time.
A similar picture for the DAX40 with a potential rise towards the 24302 key fib, whereupon we may well see some profit taking. This is just above the Hull MA resistance on the 2h chart at 24250, so an overshoot of that towards the Hull may well get a decent reaction. Higher up than R1 is 24366. Support is at the daily pivot initially at 24152.
And the S&P500 is also looking like a defence of the daily pivot at 6705 initially as the bulls hope to defend the round number, and put in a rise towards the 6755 R1 level. As mentioned above we have the news at 1330 so expect some chop then. The 2h chart is however bearish and has Hull MA resistance at 6740 so bear that in mind, especially as we have the 6746 key fib level in play today as well. Below the pivot then look for a retest of yesterdays low at 6655, which tallies with S1 at 6658.
Good luck today.
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