Technical analysis for 2nd February 2026
FTSE100 Bias
- Bias: RANGE → SLIGHT BEARISH
- Structure
- Still in rising channel
- Price rejected at pivot and EMA zone
- RSI drifting lower = upside losing momentum
- Key Levels
- Resistance: 10,200–10,260 (Pivot / R1)
- Support: 10,135 → 10,095 (S1 / channel support)
- Plan
- Sell near 10,230–10,260
- Buy only if strong bounce from 10,100 support
S&P500 Bias
- Bias: NEUTRAL → BEARISH
- Structure
- Still holding inside a rising channel, but
- Price is below EMA 25
- Recent candles show rejection near R1/R2
- Key Levels
- Resistance: 6,990–7,020 (R1 / channel mid)
- Support: 6,900 → 6,860 (S1–S2 zone)
- Plan
- Shorts favored below 7,000
- Bullish only if clean break & hold above 7,020
DAX40 Bias
- Bias: BEARISH → SELL RALLIES
- Structure
- Price remains inside a descending channel
- Trading below EMA 25 & EMA 200
- RSI weak (~30–35 zone) = downside momentum still dominant
- Key Levels
- Resistance: 24,610–24,750 (R1 / channel top / EMA zone)
- Support: 24,180 (S1) → 24,050 (S3 / channel base)
- Plan
- Prefer shorts into rallies
- Bullish only if price reclaims and holds above 24,750
FTSE100 Roadmap
- Below 10,198: Rallies = sells
- At 10,020–9,980: Watch for buyers to defend the trend
- Above 10,262: Bias flips bullish → 10,300+
Today’s Likely Path
- Early: Attempted bounce into 10,180–10,220
- Mid-session: Rejection → test of 10,096
- Later: Either
- Base & bounce from 10,020–9,980, or
- Acceptance below → continuation pullback
It's a bearish start across the board for February but we may see a rise and dip play out today as some new month money flows in, and the braver bulls have a go at buying the dip first thing. Precious metals have lost their shine with gold now down 1100 from its recent 5600 peak. For the FTSE100 there is support at the 10100 area for today with both daily support, 10d Raff and the S2 level. As such I would like to see this hold for a rise towards the pivot at 10200 before the US open.
If the bears break below the 10100 level then 10056 S3 is next up and 10022 for the daily coral though this isn't the strongest support as its not the first test of that green trend line. As such, if panic does set in then the 10000 round number is next. On the positive side it seems like there is some positive rhetoric between Iran and the USA, so stepping back from attacks which is a good thing - especially for oil which has dropped 4% today.
January often rises into mid month then declines, and whilst the drop was a bit later, it certainly followed that pattern. The bullishness usually then resumes into Spring, and with the FTSE100 Raff channels both still heading upwards all is not lost for the bulls just yet.
If the bulls were to break above 10200 today (which looks unlikely but you never know!) then 10261 R1 is next up and just above Fridays 10240 high, with the key fib 10290 above that. These higher level feels a big ask given the back drop, but if the USA expects decent company numbers out later, then we may well see some positivity resume. About one quarter of the S&P 500 set to report this week.
I am thinking along similar lines for the DAX40 and the S&P500, with a rise and dip to play out and looking for shorts at the pivot levels of 24461 and 6930 respectively. The bulls will need to be quick out the blocks across the board this morning though.
Good luck today.
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