Technical analysis for 22nd May 2026
FTSE 100
- Bias: Moderate Bullish
- Clear breakout from previous compression structure
- Strong candle continuation above EMA cluster
- Relative strength improving materially
- Key levels
- Resistance: 10,572 → 10,630 → 10,740
- Support: 10,462 → 10,426 → 10,294
- Trading view
- Prefer longs above 10,460
- Momentum expansion possible if 10,520 breaks cleanly
- FTSE now catching up with US indices
- Strongest FTSE structure seen in several sessions.
DAX40
- Bias: Bullish
- Strong continuation structure remains intact
- Price holding well above rising EMA cluster
- RSI pushing into bullish territory without major divergence yet
- Key levels
- Resistance: 25,029 → 25,171 → 25,421
- Support: 24,779 → 24,637 → 24,387
- Trading view
- Buy pullbacks above pivot support
- Momentum remains upward while holding 24,780
- 25k breakout attempt highly likely today
- DAX still one of the strongest charts overall.
NASDAQ
- Bias: Bullish
- Strong recovery continuation after recent dip
- Holding comfortably above rising EMA
- Trend channel remains very healthy
- Key levels
- Resistance: 29,664 → 29,835 → 30,147
- Support: 29,352 → 29,181 → 28,870
- Trading view
- Buy dips remains preferred
- Above 29,350 keeps trend firmly bullish
- Potential extension toward psychological 30k zone
- NASDAQ continues leading global risk appetite.
S&P 500
- Bias: Bullish
- Price respecting rising trend support again
- Higher highs and higher lows intact
- Momentum recovering after consolidation
- Key levels
- Resistance: 7,499 → 7,527 → 7,581
- Support: 7,444 → 7,416 → 7,362
- Trading view
- Bullish continuation while above 7,440
- Buy pullbacks into support/trendline
- Upside target remains 7,520–7,580
- Clean trending structure with low volatility grind higher.
GOLD
- Bias: Bearish
- Still trapped inside descending channel
- Trading below declining EMAs and pivot
- Bounces continue failing into resistance
- Key levels
- Resistance: 4,580 → 4,617 → 4,662
- Support: 4,498 → 4,452 → 4,416
- Trading view
- Sell rallies remains preferred
- Below 4,580 keeps downside pressure dominant
- Risk remains for another flush lower toward 4,450 area
- Gold remains weak versus strong equity momentum.
Best Setups Today
- Best Longs
- NASDAQ continuation above 29,350
- DAX breakout toward 25k+
- FTSE momentum continuation
- Best Short
- Gold failed rallies below 4,580
Market Tone Today
- The broader tone remains firmly:
- Risk-on
- Equity indices continue trending higher
- European indices strengthening alongside US markets
- Gold weakening as money rotates toward equities
- Today still favours:
- buying dips in indices
- momentum continuation longs
- fading gold rallies unless structure materially changes.
A great rise off the 10360 support yesterday and the bulls will be aiming to close the week above the 10500 level ergo buying dips is still the preferred play for the moment. The daily pivot is initial support at 10462 so look for longs here, with a target of the R1 at 10572. If the bears were to break belle the daily pivot then 10400 is the next likely area of support as we have a. cluster of levels here - namely S1, 30m200ema and the key fib.
If we were to drop this low then also look for a long off this area.
Initial resistance is at the R1 10572 level, but if the bulls were to break above this then 10630 R2 isn't out of the question. Ahead of a UK long weekend we may well see some profit taking at the end of the session, though I expect that the US will support the bulls as the S&P500 looks like it wants to continue higher.
Talking of the S&P500, support on that is at the daily pivot also to start with at 7444 and if this holds then a rise towards the 7500 level looks likely.
UK retail sales news has just been released showing a -1.3% in a not surprising reduction of buying "stuff". Major British retailers say uncertainty over the impact of the Iran war is weighing on their businesses and customers. They also say higher tax and more regulation are holding them back.
Generally then it's still looking bullish and buy the dip is back for the FTSE100 - might see that 11000 this year still!
Good luck today and have a great weekend.
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