Technical analysis for FTSE 100 for 24th July 2025
The bulls are certainly ticking off the milestones with 9100 now broken as trade deals are flowing through thick and fast now. Hope for an EU one shortly with a 15% rate are helping initially this morning ahead of PMI and June's retail sales out later.
Initially we may well see a push up to the 9140 area where we have R1 and the first resistance level, with the top of the still rising 10d Raff channel here, and then 9154 for the key fib. Some profit taking is likely to kick in at some point soon, either today or tomorrow ahead of the weekend. If the bulls break above the 9150 level then R2 is fairly close at 9167, though they will likely try and push for the next round number 9200. How quickly its recovered from the fear that pervaded markets not that long ago!
Support wise, the daily pivot at 9090 is first up, though the bears will likely try and drive it down to the 9040 area where we have both the 30m 200ema and the key fib, as well as a break of S1 at 9062. 9014 is S2 but I don't think it will get that low today, random news notwithstanding.
The Australian market had a rise and dip play out today, eventually finding support at the 30m 200ema and it may well be a similar picture for the FTSE100 today as well. That said, the bulls remain firmly in control and buying the dip is still the preferred play for the time being. The longer time frame chart all remain resolutely bullish.
It's all fairly similar for the DAX40 and S&P500, with the charts looking bullish. For the DAX40 any drop down to the daily pivot will likely find buyers for a push up towards R1 at 24680. To start with we are just on the key fib resistance at the 24567 level which could trigger an initial drop down. Below the pivot then the bears would likely be aiming for the S1 and key fib level support zone 24210-24225 so look for a bounce there.
For the S&P500 we may well see it bounce between R1 and S1 today, 6388 for the former, 6324 for the latter. A drop off R1 would make sense after yesterday's rise and a bit of profit taking there. Again, the Raff channels continue to head up with the top of both at 6420 for today - if it were to get to this area then a drop off from here would be worth shorting, as its also just above R2 at 6411. If the bears were to break below S1 (we also have the green 2h coral at this level) then it would likely slide down to the 6300 round number and 6285 S2 below that. I don't think it will get that bearish, unless again news triggers a wave of selling.
Good luck today.
Interested in how to start trading the FTSE 100? Frequently Asked Questions on Spread betting
Recommended Broker for trading - MT4/5, web and mobile
IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!
Membership, Trading Tips, Support and Resistance Levels with Live Trading
If you would like more detailed analysis for FTSE 100, DAX40, Gold and the S&P500, including the trades that I am looking to take myself, then please join my active members community.
Keep up to date with new website posts, free sign up below
