Technical analysis for FTSE 100 for 10th October 2025
Gold got knocked off its perch yesterday, along with the FTSE100 banking stocks, which unsettled the bullish sentiment. However, it has remained above the 9500 level for the moment and the bulls will be looking to hold that line today and get a climb towards the 9560 resistance area. We may then see some profit taking at that level, as well as some shorting ahead of the weekend. It's looking positive for some peace in the Middle East with it sounding like a ceasefire agreement is as good as done. That may well filter through into more positivity for markets again.
Initially we could see a brief move below that 9500 support level though to test the 9471 S1 level and also the bottom of the 10d Raff channel here - if it diid then I would like to see this hold for a move back up, and it does still feel like "buy the dip" on the longer time frames, despite the 2h chart being bearish currently. The bulls will therefore need to be quick out the blocks!
Bias Assessment
- Intraday Bias: Neutral to mildly bearish
- Momentum: Weak, but stabilising — possible reversal if pivot broken
- Market Character: Sideways consolidation after sell-off
- Outlook: Expect choppy trading between 9,470–9,520 until breakout
Below 9470 then the bears will be aiming to take it down to the 9436 level which is the lower daily support, and just below S2 at 9440. That feels a bit pessimistic for today though and I am more inclined to go with any dip to 9470 holding.
On the bullish side, then above the 9516 initially, where we have the daily pivot, I expect it to get up toward the 9560 area as mentioned, with 9591 R2 above that. Do bear in mind that we have R1 at 9547 and also the Hull MA on the 2h at 9533 initially as well as hurdles that the bulls will need to jump.
For the DAX40 today the 2h chart is bullish to start with so we may well see a rise and dip play out on this with a reaction at the key fib level at 24804 today. Bears appearing and profit taking here later today would fit the chart well, for a drop back down to the daily pivot level of 24651. If the bears break the initial support at 24600 then look for a slide down to the 24472 key fib support area, though we do have the 30m 200ema just above this at 24510. Let's see if the bulls are quick out the blocks!
Similar picture for the S&P500 with a potential rise and dip to target the 6781 key fib and 6786 R2 level today, with initial support at the daily pivot level 6739 which we are sitting on as I write this. If this holds and the bulls can move above the 6748 Hull MA then we should see it manage that 6781 level. The bulls will be keen to keep the bullish momentum going after fighting back from 6715 yesterday. Below the daily pivot then 6717 is S1 and strong support at 6692 below that with S2 and the key fib here. Above 6786 then 6811 is R3 - might be a bit of a big ask for today though!
Good luck today and have a great weekend.
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