Technical analysis for 11th May 2026
FTSE 100
- Bias: Bearish / weak
- Still trapped in declining structure
- Lower highs continue forming
- Relative weakness versus US indices remains obvious
- Key levels
- Resistance: 10,297 → 10,356
- Support: 10,200 → 10,143 → 10,104
- Trade idea
- Prefer short setups into resistance
- Only a sustained move above 10,356 would improve structure
- FTSE remains the weakest major index here.
DAX40
- Bias: Neutral → mildly bearish
- Price has slipped back under the pivot and is testing EMA support
- Momentum cooled after the strong rally impulse last week
- Market now looks range-bound unless 24,400 decisively breaks
- Key levels
- Resistance: 24,400 → 24,520
- Support: 24,282 → 24,150 → 24,020
- Trade idea
- Below pivot = favour fade rallies
- Reclaiming 24,400 would shift bias back bullish
- DAX currently looks more corrective than trending.
NASDAQ
- Bias: Bullish continuation
- Still one of the strongest charts
- Holding firmly above rising EMA structure
- Price remains in upper half of bullish channel
- Key levels
- Support: 29,050 → 28,820
- Resistance: 29,450 → 29,675 → 30,078
- Trade idea
- Buy pullbacks into pivot/EMA zone
- Trend continuation favoured while above 29k region
- Overextended conditions remain, so intraday pullbacks could be sharp.
S&P 500
- Bias: Bullish
- Trend channel still intact
- Holding above pivot and rising short-term averages
- Buyers continue defending higher lows
- Key levels
- Support: 7,364 → 7,332
- Resistance: 7,415 → 7,434 → 7,465
- Trade idea
- Long bias above pivot
- Best setup is buying retracements rather than chasing highs
- Structure still healthy overall.
GOLD
- Bias: Neutral with bearish lean
- Gold stalled near pivot resistance
- Short-term recovery losing momentum
- Price compressing between EMAs and channel resistance
- Key levels
- Resistance: 4,716 → 4,748 → 4,781
- Support: 4,683 → 4,651 → 4,618
- Trade idea
- Favour selling failed rallies under 4,748
- Bullish only if strong breakout above R1/R2
- Gold currently looks indecisive rather than trending.
Strongest Opportunities Today
- NASDAQ buy-the-dip setups
- S&P continuation longs
- FTSE rally fades
- DAX short below pivot resistance
- Gold range trading only
Important Session Clues
- If US futures continue holding above pivots after the open → likely another risk-on session
- If DAX loses 24,150 early → downside acceleration possible
- FTSE still looks vulnerable to underperformance
- Gold likely follows USD and bond yield direction closely today
- The clearest directional strength remains in US tech.
Having held the 10200 support area the bulls will be keen to keep the bounce going, despite the inherent weakness underlying the FTSE100 at the moment. I am thinking that we may well see bit of a bull Monday and an attempt to push up towards the 10300 area this morning. With R1 and the 30m 200ema here we may well see the bears have another go at driving it down, but if the US markets can keep their bullish momentum it may well help pull the FTSE100 up as well.
If the bulls were to break the 10300 resistance area then 10336 R2 is worth looking for, with an outside chance of 10400 key fib being tested. Maybe Kier being overthrown will help with that..?!!?
On the support side of things then the green 30m coral at 10225 is likely if the pivot breaks, with the 10200 being S1 for today. Should this get tested again then I would like to see this hold really, otherwise the FTE100 will likely to continue weakening, and a slide to 10143 and possibly 10100 may well play out. I am more inclined to go with the 10200 level holding any test today though.
No major UK centric news though we do have the PM's speech later on to try and claim back some confidence following the council elections.
Good luck today.
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