The FTSE grew a pair after all and set the scene from the very start exploding up to just below R3.
It took a knock back fair enough then slowly rallied back to just below hoping for a helping hand from the Street.
Whether or not they got it they just couldn’t break through until the very last minutes of real time and with the auction adding 5.2 points it made it look easier than it was.
We have absolutely no problem with markets breaking through ratio levels, in fact quite the opposite as it is confirmation of the strength of the move. However, these last two breaches have been almost by default, sneakily even, and although they obviously work they do not look natural. Same hurdle to face at 7550 of course.
Range: 7450 to 7500 or 7500 to 7700
The DAX yesterday spent the entire day centred around R1 which was then at 12950.
It has been a very long time since we have seen a negative open but we got one yesterday, down 20 points right at 12950 and from then on it only went 19 points to the good and 17 points easier resulting in one of the narrowest daily ranges we have seen, and on such a large index as well.
The ratios continue to tumble above the zone, so much so the next NZ could be anywhere within the Y1 ratio bandwidth, but the net result is this index is now back within the Y ratios.
So quiet and narrow it shouldn’t be and it is still on a cliff edge but ahead is just a gentle slope now.
Range: 12550 to 13050