Technical analysis for FTSE 100 for 3rd September 2025
The bears seized the initiative yesterday and managed to break below the 9150 which saw the move down 9100. The bulls then defended and 9150 support is now resistance still - if we move up to test that initially this morning then we may well see another slide down from there, possibly as low as the next daily support level at 9080.
I would like to see this hold today, especially as the ASX200 had a weaker session, and we may well follow suit but then see a bounce. Should the bears break 9080 then the 9045 area is the next key support. Ideally we see that higher 9080 support hold though, as we also have the bottom of the 20d Raff channel at 9109 and the bulls won't want to see too much weakness kick in just yet....
On the upside, the bulls will be looking to break it back above the 9155 level as we will then see a retest of the 9210 area where we have R1 and the key fib. This is just above the 30m 200ema at 9190 as well so a cluster of resistant levels in this area. 9180 is also the red 2h coral, so I would expect to see any rallies shorted again today, and I am looking at an initial range for today at 9080 to 9150.
With yesterday's weakness, the 2h chart is locked in bearish and the Hull MA has held overnight as resistance and is now at 9147, lending some more weight to this 9150 resistance level.
On the news front we have PMI data out at 0930 so expect some volatility then. The forecasts are for increases to both the composite and services in August so we may well see the buy the rumour sell the news pattern play out as we approach this. That's followed by US JOLTS at 1500.
The DAX40 is near key support to start with at the 23519 level and we may well see a rise initially to test the pivot at the 23729 level whereupon the bears will mount an assault for an attempt at driving it down towards S1 at 23362 I am thinking. Above the pivot then look for a test of the 23876 level where we have the key fib resistance and the 30m 20ema. A short here would also be worth taking.
For the S&P500 then again a rise and dip looks possible with a test of the 2h Hull MA resistance at the 6440 level. If this holds then the bears will likely try and drive it down to the 6370 S1 area and the bottom of both the 10 and 20 day Raff channels. Those channels are still rising so a defence of this from the bulls would make sense and a push back up later on - certainly (in theory) decent support here! Again a range day between 6370 and 6445.
Good luck today.
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