Technical analysis for FTSE 100 for 29th May 2025
Who knew that 3 Manhattan judges would help the bulls push for the end of month rise towards 6000 on the S&P500 and the 8900 on the FTSE100! Initially today we have decent support at the daily pivot and green 30m coral level at the 8760 area, and it would be good to see the bulls defend any drop down to this to set up a rise twofers 8815 again. The bulls will of course be looking to break this today having had that area as resistance a couple of times already.
If the bears were to break below the 8755 level though then a slide to S1 at 8712 may well play out, and tally with yesterdays low at 8715 as well for a decent double bottom. Can the bulls push it back up to end the month..... We also then have the key fib at the 8695 level which should hold if it got that low. That said I am thinking that we are more likely to see a rise and dip play out again today and am looking at the potential break of the 8815 level.
If the bulls were to manage that then the next target is 8857 where we have R2 and I think we may well see any rise falter here today. Upside above that will of course depend on the US later, but with Nvidia and the "3 judges" providing some bullish tailwind we should see some bullish sentiment. We are of course nearing the end of the month and the traditional "sell in May" is playing on some people's minds.
If we should break above the R2 level then R3 at 8904 would more than likely see the bears appear strongly, as it also links in with the round number.
On the news front today, expect volatility at 1330 as we have US jobless claims and Q1 GDP, with the latter forecasted to have dropped to -0.3% from 2.4% previously. At 8pm this evening we have BoE Gov Bailey speaking as well, so any clues for rate cuts sooner than September are likely to be pounced on. I still think September for the next one personally.
The daily Raff channels on the FTSE100 continue to head up, though the 2h chart remains bearish for the moment, and if we do see the bulls defend the daily pivot then we could see this turn bullish later on.
The S&P500 is likely to see a dip and rise today as it retraces that out of hours bounce, and I am looking at the 5955 area as support to start with. This is a backtest of R1 and if we do bounce here then a climb to test 6013 where we have R3 and also the top of the 10d Raff channel today. As that is also just above the round number then I am expecting the bears to have a decent attempt here, and it's also a decent profit taking spot for the longs.
The Dax40 is similar, with a dip down to the daily pivot initially looking likely, which is at the 24180 level, and also the green 30m coral here, That is also the Hull MA on the 2h so it would be good to see this hold as it would then likely see a push back up towards the 24485 R2 level. Again, both the Raff channels are still heading up so it's still buy the dips for the moment.
Good luck today.
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