The FTSE continues to wallow in its zone, but complacency may just come back to haunt it.
Basically, the ratios continue to weaken below, and we have mentioned 7150-7250 as possibly wanting to be the next zone several times, well now with the appearance of Y2 below the zone its challenge is now all too apparent.
Of course, this does not mean it will succeed, and sometimes the threat is enough to avert it, but it is gearing up for a great rollover just as anticipated.
Range: 7300 to 7400
Well it wasn’t the same pattern in the DAX that we saw in the first 9 days of this expiry, although it looked as if it was going to be at the start.
Although the open was practically unchanged it did try to move ahead just as it used to, but fell short, only getting as high as 13094.
The difference this time was that it came all the way back to test the bottom boundary hitting a low of 12960, and the fact it held is also quite bullish.
It has been a very exciting expiry so far but perhaps worth remembering is that on the very first day, the 20th Nov, this index closed at 13058, so exciting going nowhere.
Range: 12950 to 13050 or 13050 to 13250
Activity: Very poor
Type: Not bullish