Technical analysis for FTSE 100 for 24th June 2025
Well that bounce off 5945 on the S&P500 worked out well, coinciding with the markets reversing strongly and climbing on the news. The FTSE100 dropped off well initially to get some points from the short, and then bounced just above the 8720 support level and is now just back above the 8800. That bodes well for a rise and dip to play out today as the markets breathe a collective sign of relief and keep their fingers crossed that the "12 day war" is now at an end without lurching into a more global conflagration. Oil led the way dropping sharply from its highs and now its back below where it was before the first salvo from Israel was fired at Iran so that bodes well for some more upside on equities and downside on oil.
For today I am thinking that the rise will continue initially to test the 8837 level where we have R2 and just above the 8830 key fib level as well. The 2h chart is now bullish again as you would expect and has Hull MA support at 8760, so any drop down to that area should in theory act as support. That is also aided with the daily pivot and 30m green coral in this area as well.
The bears will of course be hoping for a bear Tuesday but given the backdrop and collective sigh of relief that may well play out today we may see that later on and not be overly pessimistic. Unless the truce all falls apart!
Above the 8840 level then ultimately I am looking for a test of the 8880 level where we have the R3 level and daily resistance and as such a test of this should see a bearish reaction. I am still confident of more upside overall this year and 9000 is highly likely, with 9300+ later in the year. Buying the dips on the longer times frames is still my preferred play.
I can't see it getting above 8880 today though, as some caution may well still permeate through the markets in the short term.
If the bears were to break below the 8770 level then 8715 is the key fib and just below yesterdays low at 8730 so the next key support level to look at buying.
For the DAX40 a similar pattern looks likely, with initial resistance at the 23823 R2 level and a drop down from there to test the daily pivot, 30m coral, and 200ema at the 23355 area would make sense, before another push from the bulls to try and push past that R2 level. Higher up, the R3 level at 24118 would likely see a reaction. Below the pivot then 23214 S1 and key fib 23226 would be the main support level to also get a bounce from.
The S&P500 will be buoyed by the "America kicks ass" and it's renewed status at controlling global affairs - a "peace through strength" sort of vibe - and as such will be looking to continue pulling away from 6000. If you are still holding the 5945 long from yesterday then look to take some profits at 6089 as we have the first resistance level here and could see a dip down from here to test the 6016 daily pivot and 30m coral support. Above the 6090 level the 6128 is R2 and the top of the 20d Raff which could cap any bullish exuberance today.
Good luck.
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