We certainly have to give the FTSE full marks for trying as it opened very weak and it was almost all they could do to stem the tide.
It clawed its way back to breakeven or even a small positive and we thought they might make it to their target of 7350 if the Street played along, which sadly it didn’t.
Putting on 9.08 points in the auction added bit of gloss to an otherwise torrid close but we feel it will eventually have to test one or the other but it knows what’s there at 7250 (twice over) so we fully understand its reluctance to go there again.
Range: 7250 to 7350
Again the DAX has done nothing really although in one of those neat coincidences here they also added 9 points in the auction otherwise it really would have been no change.
Which brings us to another coincidence as this happened last Monday and Tuesday where the real time close was the same, 12564, as it has been this week, but at 12595.
Below the zone we see Y2 and R1 come in which is good as every time it narrows the Y ratio bandwidth, but it is still a rather massive 700 points, and we guess with this market going nowhere what’s the rush?
Range: 12550 to 12850
Type: On balance decently bearish