Technical analysis for FTSE 100 for 2nd May 2025
A strong showing from the bulls overnight has seen the FTSE100 futures test the 8560 level and keeps a test of that 8700 in sight. Initial resistance is at 8555-8561 though as we have R1 and the daily resistance level here, so we may well see an opening drop down to support before some more upside later. It's NFP Friday as well so expect it to be slightly odd! That news is out at 1330 so expect some volatility then.
Above the 8561 level then bulls will be aiming for a test of the 8600 level and further cementing the bullish overtones now. The daily chart is firmly bullish with EMA support at the 8400 level now from the moving average. The 2h chart is also positive to start with today and has support from the Hull MA at 8505.
If we do see a drop down to test this then a bounce here would then fit the chart well and see an optimistic session. A break below 8500 though and then the bears will likely see their chance for a move down to the daily support level at 8465 (previous resistance now becomes support) and we also have the 30m 200ema at 8470. As such, I would like to see this hold if it were tested otherwise 8433 is next up. Generally it looks like it may well be positive for today though.
On the upside therefore, if the bulls were able to break above the 8600 level, though that may be a bit of a big ask on NFP Friday but you never know, then there is a lot of fresh air till the 8700 level. Both the daily Raff channels are heading upwards now on the FTSE100, as they are also on the Dax40 and the S&P500.
The Dax40 may well have a wobble initially and dip down to test the daily pivot support at 22710. It would be good to see this hold for a rise to the key fib at 22851, and if the bulls could break that then the R2 level at 22918 is next up. If then bears break the pivot then 22549 looks possible with the key fib here.
The S&P500 may well do similar - a dip to the pivot at 5608 then a bounce. The bulls will be looking to break the 5662 level for more upside next week. Below the pivot and the next support level of note is at the 5560 area as we have S1, 30m 200ema, and the key fib all in this area. A level that would be good to see a bounce from if it were to get tested!
Good luck today and have a great long weekend - no email on Monday as it's a UK holiday.
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