Technical analysis for 28th May 2026
FTSE100
- Bias: Bearish
- Observations:
- Strong bearish follow-through
- Broke below recent rising structure
- RSI weakening
- Momentum now clearly softer than US indices
- Observations:
- Key levels:
- Resistance: 10,491 → 10,520
- Support: 10,431 → 10,414 → 10,396
- Trade idea:
- Sell rallies into resistance
- Weakest equity index chart today
DAX40
- Bias: Bearish / sell rallies
- Big shift from yesterday
- Observations:
- Strong bearish rejection candle
- Lost short-term trend support
- Closed near S2 area
- Momentum cooling fast after recent rally
- Key levels:
- Resistance: 25,245 → 25,382 → 25,531
- Support: 24,957 → 24,808
- Trade idea:
- Prefer short rallies into 25,100–25,250
- If price stays below pivot, downside continuation likely
- Bias invalidation: reclaim and hold above 25,250
NASDAQ
- Bias: Neutral bullish / consolidation
- Observations:
- Trend still intact overall
- But momentum stalled under 30k
- Small indecision candle near pivot
- Still above rising EMA structure
- Observations:
- Key levels:
- Support: 29,543 → 29,344
- Resistance: 30,120 → 30,504 → 30,701
- Trade idea:
- Buy dips while above 29,500
- Need breakout above 30,120 for trend continuation
S&P 500
- Bias: Neutral to mildly bearish intraday
- Observations:
- Momentum slowing
- Rejection from upper channel
- Short-term pullback candle
- Trend still bullish overall but stretched
- Observations:
- Key levels:
- Support: 7,474 → 7,454 → 7,414
- Resistance: 7,535 → 7,575 → 7,595
- Trade idea:
- Expect range/choppy trade
- Slight edge to short-term downside unless reclaiming 7,515+
Gold
- Bias: Strong bearish
- Observations:
- Heavy downside continuation candle
- Trading firmly below falling EMAs
- Downtrend channel intact
- Momentum accelerating lower
- Observations:
- Key levels:
- Resistance: 4,462 → 4,523 → 4,588
- Support: 4,396 → 4,336 → 4,270
- Trade idea:
- Continue selling rallies
- Trend remains very clean to downside
Market tone
Today looks more like a risk-off / pullback session after the strong multi-day equity rally. US tech is holding up best, but Europe is showing clearer weakness.
A remarkably similar plan for today as yesterday in terms of shorting any rallies. The S&P put in a decent slide, the FTSE100 has shed over 100 points after testing the 10520 resistance and in fact has slid down to test the daily 25ema at 10395 which held early this morning. It may well initially hold a second test for a decent double bottom reaction though if it breaks then continued downside towards the 10300 level is likely.
Initially today we may well see a bit of a climb towards the daily pivot at the 10491 level and this area looks good for shorting today. If the bulls were to break this level then look for a test of the 2h resistance levels - 10530ish for the Hull MA and 10540 for the coral. The bulls would likely struggle to break above this level. If they did then 10554 is R2 and the next key level.
The Middle East tensions continue to be the driver really, with tensions still high and attacks overnight. The peace deal still remains elusive, as does opening the Strait.
For the bears today, I am thinking they may struggle to break the 10395 level but if they did then there are some other supports of note before the 10300 area - namely the bottom of the 10d Raff at 10350 - this may well see a reaction if tested. Below 10300 then 10216 is next up though probably won't be seeing that today........
Generally then its still in short the rally mode across the board though the US bulls will be looking to defend the 7500 S&P500 level and also get the Nasdaq back above 30000......
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