Technical analysis for 23rd December 2025
FTSE100 Bias
- BIAS: BULLISH TREND, SHORT-TERM RANGE
- State
- Higher-timeframe trend still bullish (rising daily channel intact).
- Price currently below recent highs and near the daily pivot.
- Intraday structure = range / consolidation, not momentum.
- Liquidity is thinning → moves are slower, choppier.
- Bias
- Higher timeframe: Bullish
- Intraday: Neutral / range
- Tactical stance: Buy dips at support, fade extremes
- FTSE is not weak, just pausing after a strong run.
S&P500 Bias
- BIAS: STRONG BULLISH (GLOBAL ANCHOR)
- State
- Above daily EMA20 & EMA50.
- No distribution pattern.
- Classic low-volatility, holiday grind.
- Seasonal tailwinds still supportive.
- Bias
- Trend: Strong bullish
- Intraday: Sideways → slow grind higher
- Invalidation: Only on daily close below EMA50
- S&P continues to anchor global risk-on sentiment.
DAX40 Bias
- BIAS: BULLISH BUT STRETCHED
- State
- Structure still higher highs / higher lows.
- Above key daily EMAs.
- Momentum slowing slightly after a strong December rally.
- Vulnerable to pullbacks, but no confirmed top.
- Bias
- Trend: Bullish
- Intraday: Buy dips > chase breakouts
- Risk: Overextension, not reversal
- DAX remains the European leader, but upside is less explosive today.
No Santa Rally for the FTSE100 yesterday as the bears continued to drive it down from Friday's high at 9915. That remains the line in the sand for the bulls to break to push up towards the magic 10000 level really and with Christmas Eve tomorrow the bulls are certainly going to need to pull their finger out! That said, we may well see a muted bear Tuesday today across the board and actually have a bit of a rise as the S&P500 and DAX40 will both be looking to rise as well.
The FTSE100 bulls have defended overnight and the 9860 level has held so far, but the key will be if they can break above the daily pivot at the 9865 initially. If they manage to do that then 9915 as mentioned, and also the 9930 key fib/20d Raff channel top area is next up. If would be good to get back above the 9900 level and hold that as we should then see a rise towards the 9976 daily resistance level higher up. Not out of the question for today and I am still in buy the dip mode really, despite the weakness yesterday.
Support wise, if the bears do go for it initially then the 9830 are is support being yesterdays low and also the 30m 200ema, and then strong support at 9795 S2 and the key fib.
Good luck today.
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