Technical analysis for FTSE 100 for 17th July 2025
After the plunge and rise on the S&P500 yesterday afternoon (nice that it tagged the 6207 long though!) it's looking more bullish going into today and we should be on track for the FTSE100 to break above 9000 again. 9045 is the recent high so resistance is there, and then the 9075 level higher up. This level is worth a short if seen as it should see some decent profit taking.
To start with though we are likely just going to nudge the R1 level 9001 and the bulls will need to be quick out the gate to break above that. If they don't then I can see a drop down to the daily pivot level at 8960 where we also have the 30m green coral and the 30m 200ema. As such it would be good to see this level hold and to act as the springboard for a push back towards the 9000, and then 9045.
The Raff channels continue to head up and after yesterdays climb from the 8920 level the 2h chart has just about gone bullish to start with. The red coral on that time frame is 8991 though so again the bulls have a few hurdles to jump initially.
If the bears were to break 8955 though then 8920 once again is in play, and we also have S1 at 8931 for today. The bulls would certainly be keen to defend this as it's also the bottom of the 10d Raff channel. A break of this and then 8888 S2 is next up. 8903 is also the key fib support for today so there are a few decent levels around the 8900 round number that should help it hold if tested.
I can't see it getting above 9075 today though unless there is some major breaking news and it would help the bulls if the Powell/Trump saga took a back seat today. Generally though it still looks positive for the FTSE100 and buying the dip is still the preferred play.
The DAX40 has initial resistance from R1 and the key fib at 24278 so we could see a drop off from here to also test the daily pivot at 24101, with the Hull MA support just below this at 24055. Again, buy the dip looks the right move, with the daily Raff channels still rising in a bullish trend. Ultimately the bulls will be looking for a rise towards the R2 level 24386 today. If we do dip down to the 24101 pivot then I would like to see this hold.
For the S&P500 then again the bulls will be looking to build on the climb from the 6200 level yesterday, and ultimately be aiming for the R2 level 6307. The 2h chart is now bullish and has 6256 as Hull MA support, along with the daily pivot at 6240. A test of this latter level and bounce would fit the charts well and the bulls will need to break the 6267 level which is where it topped out yesterday. Below the 6240 daily pivot then 6213 S1 is the next likely target for the bears to drive it down too and just above the bounce point from yesterday.
Good luck today.
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