Technical analysis for 23rd April 2026
FTSE 100
- Bias: Bearish (continuation)
- Clear downtrend structure now
- Lower highs + strong selling pressure
- Below key MAs and resistance
- Plan
- Sell rallies:
- 10,450–10,520
- Targets:
- 10,300 → 10,180
- Sell rallies:
- Remains weakest index
DAX (Germany 40)
- Bias: Bearish (shift confirmed)
- Clear breakdown from channel
- Strong bearish follow-through (multiple red candles)
- Now below EMA + pivot area
- Plan
- Sell rallies:
- 24,100–24,250 (pivot / prior support)
- Targets:
- 23,900 → 23,700
- Sell rallies:
- Structure has flipped → sell strength, not buy dips
NASDAQ (US Tech 100)
- Bias: Bullish (still leading)
- Trend intact inside rising channel
- Holding above pivot cleanly
- No real weakness yet
- Plan
- Buy dips:
- 26,600–26,700
- Targets:
- 27,150 → 27,300
- Buy dips:
- Still the cleanest long market
S&P 500 (US 500)
- Bias: Neutral → Slight Bullish
- Small indecision candles after trend
- Holding structure, but momentum slowing
- Plan
- Buy dips:
- ~7,050 zone
- Short only if:
- Break below ~7,000
- Buy dips:
- Likely range → grind higher
GOLD (XAUUSD)
- Bias: Bearish
- Lower highs + rejection from mid-channel
- Below EMAs
- Weak bounce only
- Plan
- Sell rallies:
- 4,740–4,780
- Targets:
- 4,650 → 4,600
- Sell rallies:
- Momentum clearly shifting down
Key Theme Today
- US still strong (especially NASDAQ)
- Europe rolling over (DAX now joined FTSE in weakness)
- Gold turning risk-off bearish
Overnight the FTSE100 has tested our 10380 support zone and seen a small bounce so far. The bulls will be keen to keep that going so yet again we may well see a rise and dip play out. I am looking at a test of the daily pivot at the 10476 level before another slide down - probably to test the 10385 area again.
If the bulls were to break above the 10476 pivot then 10500 round number and Hull MA (2h) will be the next key level with the key fib at 10541 above that. We also have the red 2h coral at 10550 so a cluster of resistance at this area which will likely rebuff the bulls first attempt. That said, I am more inclined to go with a rise to the pivot and then a drop.
The Middle East situation continues to weigh on markets and shipping is still not flowing freely - the knock on effects continue to have ramifications on oil, goods, markets and sentiment.
Support wise, if the bears were to break below the 10385 level today then 10347 is S3 and that would also signify a break below both the Raff channels which wouldn't be a good sign for the bulls. However, it does flag up the possibility of the daily support at 9983 at some point....
On the news front, 0930 sees the UK PMI data out for April, with forecasts expecting a slight dip from last months levels.
Looks like a similar picture for the DAX40 and S&P500 with a rise and dip and I am also looking at the daily pivot for resistance today on the DAX40 at 24234 and the Hull MA at 7150 for the S&P500. For the S&P500 and DAX40 the daily Raff channels are continuing to head upwards and proving stronger than the FTSE100 at the moment.
Good luck today.
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