Technical analysis for 16th June 2026
The broad picture remains bullish for equities, although several markets are now approaching major resistance zones after the strong rally last week. Gold remains constructive but is beginning to run into overhead resistance.
FTSE 100
- Bias: Moderately Bullish
- Still above EMA25 and EMA200.
- Holding inside a rising channel.
- Last session's pullback found buyers immediately.
- Relative strength remains positive.
- Key Levels
- Resistance: 10,515 → 10,626 → 10,684
- Support: 10,390 → 10,347
- Trade Idea
- Buy dips above 10,390.
- Less momentum than Nasdaq, but structure remains positive.
DAX 40
- Bias: Bullish
- Holding above both EMA25 and EMA200.
- Price remains above the daily pivot (24,900).
- Higher lows continue to develop.
- RSI around 55 and rising.
- Key Levels
- Resistance: 25,005 → 25,194 → 25,299
- Support: 24,712 → 24,638
- Trade Idea
- Buy pullbacks above 24,800.
- A daily close above 25,000 would be a significant bullish continuation signal.
Nasdaq 100
- Bias: Strong Bullish
- Trading comfortably above EMA25 and EMA200.
- Holding above 30,400 pivot support.
- Strong momentum continuation from last week's breakout.
- Structure remains one of higher highs and higher lows.
- Key Levels
- Resistance: 30,684 → 30,859 → 31,129
- Support: 30,414 → 30,240
- Trade Idea
- Buy dips while above 30,400.
- This remains the strongest equity index chart.
S&P 500
- Bias: Bullish
- Price holding above pivot (7,548).
- EMA25 has turned upward.
- Positive momentum divergence remains supportive.
- Market remains in a recovery phase after the June correction.
- Key Levels
- Resistance: 7,584 → 7,615
- Support: 7,516 → 7,498
- Trade Idea
- Buy pullbacks into the pivot area.
- A break through 7,585 could accelerate toward new highs.
Gold
- Bias: Bullish but Near Resistance
- Strong rebound from the 4,050 area remains intact.
- Trading above EMA25.
- Price sitting above the pivot.
- Approaching a significant resistance cluster around R1-R3.
- Key Levels
- Resistance: 4,360 → 4,409 → 4,449
- Support: 4,272 → 4,233
- Trade Idea
- Buy dips rather than chasing strength.
- Gold is bullish, but the risk/reward improves on retracements rather than at current levels.
Other Setups for Today
- Nasdaq Long
- Above 30,400
- Targets: 30,684 → 30,859
- DAX Long
- Above 24,800
- Targets: 25,005 → 25,194
- S&P Long
- Above 7,548
- Targets: 7,584 → 7,615
- FTSE Long
- Above 10,390
- Targets: 10,515 → 10,626
- Gold Long
- Buy pullbacks toward 4,280–4,300
- Targets: 4,360 → 4,409
Overall Market View
Today's charts continue to favour a risk-on environment. The Nasdaq remains the leadership market, the DAX is breaking toward fresh highs, and both the S&P500 and FTSE100 remain buy-the-dip markets. Gold is still bullish but is much closer to resistance than the equity indices, making equities the cleaner directional opportunity today.
The overnight session has formed a base just under the pivot. The most likely outcome is an attempt to reclaim the pivot early in London and push toward 10,515 (R1). Until 10,390 breaks, I would still favour buying dips rather than aggressively shorting. Ergo we may well see an initial dip off the daily pivot as the bears attempt a bear Tuesday and a test of the 10380/10390 support area.
I would like to see this hold really and an attempt to get a rise towards the 10515 level before more selling. But the bears will certainly be keen to keep the bearishness from yesterday and the 10550 drop off going. That said the bulls are not going to give up their longer term momentum easily, and we may well see the 10595 daily resistance level before too long - maybe tomorrow or Thursday for that.
If the bears were to break below the 10380 level today then look for a slide down to the 10346 S1 level. That said I think we are more likely to get a rise and dip play out today and watch the 10515 level for a bearish reaction instead.
Should it get really optimistic and break above 10595 today (unlikely!) then look for 10626 R2.
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