Technical analysis for 1st December 2025
FTSE100 Bias
Overall Bias: NEUTRAL → SLIGHTLY BULLISH
- FTSE has recently turned up from a multi-week decline, but price is now sitting under major resistance (R1/R2 and trendline).
- Intraday momentum is sluggish, daily momentum is improving.
Trend Bias
- Short-term: Neutral → Slight Bearish at resistance
- Medium-term: Bullish (recent bounce from channel)
- Long-term: Sideways
Momentum
- RSI mid-range → room either way
- EMAs crossing upward on daily → constructive
- Intraday EMAs flattening → short-term slowdown
Key Levels
- Bullish above: 9,715 → 9,736 → 9,760
- Bearish below: 9,667 → 9,645
- Neutral zone: 9,690–9,710
Summary
- FTSE is trying to turn bullish, but until 9,736–9,760 breaks, rallies will stall. Best trades remain:
- Buy dips into 9,667–9,690
- Fade resistance at 9,736–9,760
S&P500 Bias
Overall Bias: STRONGLY BULLISH
- S&P is in a classic momentum grind higher, powered by megacap tech.
- It is the global risk-on leader.
Trend Bias
- Short-term: Bullish
- Medium-term: Very bullish (multi-week momentum)
- Long-term: Uptrend intact
Momentum
- Price above all key EMAs
- Volatility low → grinding melt-up conditions
- RSI elevated but not extreme → trend can continue
Key Levels
- Bullish continuation: Above recent local highs
- Support: EMA20 daily
- Trend invalidation: Break of higher-low structure or drop below EMA50
Summary
- S&P remains the primary engine of global risk appetite.
- As long as SPX stays above the 20-day EMA:
- DAX remains bullish
- FTSE eventually follows
DAX40 Bias
Overall Bias: BULLISH
- DAX remains the strongest European index and continues to outperform global markets.
Trend Bias
- Short-term: Bullish
- Medium-term: Strong uptrend (higher highs, higher lows)
- Long-term: Bullish bias intact
Momentum
- Price above all major EMAs
- Pullbacks shallow and immediately bought
- Volatility low → trending environment
Key Levels
- Bull continuation: Break / hold above recent highs
- Trend invalidation: Daily close below EMA50
Summary
- DAX favours trend continuation longs, not shorts.
Off we go into the final month of 2025 and will the Santa rally from 9300 continue for an another test of the 9900 and possibly higher?...... Starmer and Reeves on the ropes but can they bluff it out after a disastrous few days that saw them justify a tax raid on fictional reasons. Was purely a vindictive tax raid yet again.....
Initially today I am thinking that we may well see a drop down to the 9670 area and a test of S2 and the 30m 200ema. If we do that then I would like to see this hold as the new month money starts to kick in and we get a rise towards the 9716 pivot level again. Ideally the bulls will break above this and we will see a test of the 9760 area. This is pretty strong resistance so the bulls will certainly need a fair bit of momentum to break above that.
Below the 9670 level then look for a test of the 9644 key fib and possibly even as low as 9623 which is daily support. I would be more inclined to go with a bull Monday and new month kick up though today.
If the bulls were to break above the 9760 level then 9782 is R3 and then the top of the 20d Raff channel at 9825 above that - though that feels a bit too optimistic!
Similar picture for the DAX40 and the S&P500 really with the bulls likely to try and fight it out and drag them both back up. Main supports to look for are the 23660 key fib and 200ema on the DAX and then 6790 S3 for the S&P500.
Good luck today.
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