Market Setups Emerge Amidst Quiet Markets

Markets have been quiet, especially in crypto, but some interesting technical setups are emerging across major indices, commodities, and UK small caps. Key theme: several charts consolidating above former resistance, while a handful of shares show strong intraday candles and gap-up behavior indicating accumulation.

The FTSE 100 is testing old initial July resistance around 10,750 as potential new support, currently holding that level. A sustained move through the top of the current range at 10,820 could open the way towards 11,000, which corresponds with the rising trend channel's top since March.

The DAX remains stronger than the FTSE, trading around the top of its rising channel from March, with 26,400 as a key near-term reference point. A move above that level suggests a run towards 27,300, potentially by the end of next month or sooner if momentum picks up sharply.

Crypto charts are quiet, but Bitcoin is range-bound around $63,500, with key support near $61,300 and resistance at $66,000. Ethereum has looked better than Bitcoin over recent weeks, consolidating above a rising 50-day moving average near $1,830.

SpaceX shares have become an interesting alternative while the crypto market is stuck in neutral, nudging the 50-day moving average at 143.91 as resistance. An end-of-day close above that level would put the 200-day moving average above 156 into focus.