Technical analysis for FTSE 100 for 8th July 2025
The bears drove the S&P500 down well off the 6262 resistance level yesterday, eventually managing 6200, whereupon we have seen the bulls fight back. That bodes well for a rise and dip to play out today and a possible bear Tuesday on the FTSE100 and a retest of the 8820 resistance level which is R1 for today.
If the bulls break above 8820 then I am still looking at the 8850 as resistance and we now also have the top of the 20d Raff channel here for today. That is still declining, however the 10d Raff channel is more optimistic and now rising once again. Above the 8850 level then that 8892 remains though that may well be a bit of a stretch for today.
The bears will be looking to short any retrace of yesterdays drop, and will still be aiming to break the 8771 support level as they failed yesterday.
If they manage to get through that then a drop down to the daily support and S1 level at 8744 is likely, and a long here is worth taking, for a bounce back towards the 8800 level.
Initially we may well see a bit of strength today for a rise and dip to play out, though I would like to see the 8820 hold and set up a lower high for the short term as the bulls aim to break 8800 first thing. The 2h chart remains bearish with the Hull MA and coral both at 8810 for resistance here so keep an eye on this area first thing.
For the S&P500 it also looks like a rise and dip and a possible bear Tuesday later on. Resistance to start with is at the 6256 level with R1 here and just below the 2h Hull and coral resistance levels again, and it was the 6262 Hull MA we dropped off yesterday. Both the Raff channel are heading up still though and the 10d channel bottom at 6220 has held so far today. If the bears were to break below this (and we also have the daily pivot and 30m 200ema in this area so its decent support) then a slide down to the 6200 again, and possibly 6189 S1 could then see a bounce. Resistance above R1 of 6256 is at 6296 R2 though that feels a big ask for today.
Similar for the DAX40 with a rise towards the key fib resistance at 22843 and then a drop down to the pivot at 22670 would fit well. Again the Raff channels are both heading up so the bullish bias remains, and it would be good to see any drop defended again, and a hold of the daily pivot 22680 area. Above 22843 then 22898 R2 and the round number is next up. Support below the pivot is 22515 for key fib support.
Good luck today.
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