Technical analysis for FTSE 100 for 9th April 2025
Well we are opening with a big gap down so a rise and dip may well play out today as the trade war continues and now 104% tariffs on China announced last night to kill off the S&P rally yesterday. In fact we have already risen 100 points from the overnight low while I am writing this. If we drop back again then the recent low from Monday at 7530 is worth keeping an eye out for today.
Initial resistance is at the daily pivot and the red 30m coral at the 7770 level and I am thinking that we may well see an early test of that this morning. The S&P500 will also be keen to retrace some of yesterdays fall as well I am thinking. If the FTSE100 bulls break above the 7770 then 7900 is R1 and then 7992 for the 30m 200ema. We are certainly in quite the range still and volatility is still the nature of the beast so remain cautious with positions still.
Can't see much above the 7990 area for the moment unless the news rhetoric changes substantially and also linking in with 8000 could see a round number stutter. Also likely to be a profit taking point for any longs today.
The dividend today is 12 points which is applied at the end of the session or at 9pm depending on broker. 19:00 also sees the FOMC minutes released.
For the bears, then the support level so look for initially is S1 at 7569 and then the recent low at 7530 from Monday. If it were to test that that does set up a nice double bottom and the potential for a decent bounce here.
The 2h chart had actually gone bullish yesterday but was undone by the announcements. It still remains weakly bullish for the moment with the 7660 level as support from the Hull MA which may well help any early rise.
Tricky one as ever at the moment but let's see if we get the rise and dip play out and keep an eye on the levels. Any break of a decent support or resistance is also worth hopping on as it will likely overreact to the up or downside.
Good luck today.
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