Technical analysis for FTSE 100 for 1st May 2025
Well we got the dip and rise play out yesterday as the bulls continue to try and drive the price away from the 8465 level. A brief foray below then saw the bulls drive it up to the 8530 level and we may well continue to build on that today as the new month money comes in. Initially we may well see a dip first thing to test the daily pivot support level at the 8494 and this is also just above the Hull MA support on the 2h chart at 8485. As such I would like to see this hold on any early test and we get some more upside today towards the 8600 area. It does feel like we are still on track for a test of the 8700 level before too long.
If the bears were to break below the daily pivot though then a slide down to the 30m 200ema and key fib at the 8450 area looks likely and we also have S1 at the 8456 - as this is also just above yesterday's low then in theory it should be decent support. The daily chart is now firmly bullish with the EMAs looking positive, and support from the 25ema at the 8390 level, so we are still in buy the dip territory.
For the bulls then I am looking at a rise towards the 8556 level where we have R1 and the key fib, and if the bulls were able to break above that then 8596 ultimately today. The bulls have also managed to move the price above the daily coral and whilst it's still red and at 8506, thats a good sign for further upside.
Of course a lot will depend on news/tariffs/war etc though things seem to have calmed down regarding the tariffs at the moment. Obviously lots of negotiations happening behind the scenes after scaring various countries into starting negotiations.
For the Dax40 today then its also looking positive with a potential rise towards the R1 level at the 22889. Again, an initial drop down to test the daily pivot at the 22561 could play out, but we have support above this also at the 22610 level with the green 30m coral here. The daily chart is also bullish on this with 21930 25ema support locked in currently. The 2h chart has support from the Hull MA at 22670 as well to start with.
The S&P500 should also benefit from the new month money, with any potential drop down initially likely to see some buying. The daily pivot and green 30m coral are around at the 5555 area so I would like to see any test of this hold, though with the price now at 5622 we may not see it drop quite this low. 5600 is 30m 25ema support initially, along with the Hull MA at 5596 - as such worth a long here in case it finds support here instead.
Good luck today.
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