Technical analysis for 30th June 2026
Markets continue to recover after Monday's strong session, with investors becoming increasingly comfortable that geopolitical risks are easing for now. US markets finished strongly overnight, with the Dow closing above 52,000 for the first time and both the S&P500 and Nasdaq recovering from last week's weakness. The focus today shifts back towards technical trading, quarter-end positioning and the upcoming US employment data later this week. I still favour buying quality pullbacks in the indices while remaining cautious on Gold.
FTSE 100 Analysis
The FTSE continues to build a constructive higher low pattern after defending support well over the past few sessions. Yesterday's rally suggests buyers remain in control, although I wouldn't be surprised to see some early profit taking before another attempt higher. This remains a classic "rise, dip and rise again" type of market. The banks continue to provide support while lower oil prices should help inflation expectations, giving buyers confidence.
What I'd like to see
- Early dip into support.
- Buyers defending yesterday's lows.
- Recovery back towards the overnight highs.
Trade Plan
- Bullish while support holds.
- Buy pullbacks rather than chasing strength.
- If support fails cleanly then stand aside until buyers regain control.
DAX 40 Analysis
The DAX remains one of the strongest European indices. Momentum has improved considerably over the last week and the technical picture still favours continuation higher despite becoming slightly stretched in the short term. As always with the DAX, sharp pullbacks often become buying opportunities rather than reasons to panic.
What I'd like to see
- Small retracement during the European morning.
- Buyers stepping back in around moving average support.
- Fresh highs later in the session.
Trade Plan
- Continue buying dips while higher lows remain intact.
- Avoid initiating shorts against the prevailing trend unless price action clearly changes.
S&P 500 Analysis
The S&P500 has regained positive momentum after last week's correction. Technology stocks stabilised during Monday's session which allowed broader participation across the market. That is generally a healthier backdrop than relying solely on a handful of mega-cap stocks. Provided futures continue holding above yesterday's support levels, I expect buyers to remain active.
What I'd like to see
- Consolidation during the European session.
- US cash open holding above support.
- Buyers attempting another move towards recent highs.
Trade Plan
- Buying retracements remains the preferred strategy.
- If momentum fades, expect consolidation rather than an immediate reversal.
Gold Analysis
Gold remains the weakest market of the four. Safe-haven demand has reduced significantly over recent sessions and rallies continue attracting sellers.
Unless geopolitical tensions suddenly return or the US Dollar weakens sharply, the path of least resistance still appears lower.
What I'd like to see
- Small recovery into resistance.
- Selling pressure returning.
- Continuation towards recent lows.
Trade Plan
- Sell rallies rather than buying dips.
- Only reconsider the bearish view if Gold can reclaim and hold above recent resistance.
Today's session looks like another technical trading day rather than one driven by major news. The overall trend across the equity indices remains positive, and until price action suggests otherwise I continue to favour buying controlled pullbacks instead of chasing momentum.
Gold remains the exception. While equities continue attracting capital, the precious metal is likely to struggle unless fresh geopolitical developments emerge.
As always, wait for confirmation before entering any position, respect your stop losses and never risk more than you can comfortably afford to lose.
Good luck today.
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