The FTSE didn’t repeat last Thursday’s aggression and was actually very timid restricting itself to a 30-point range.
We are in the countdown to the rollover next week so it will not stay quiet for sure and with activity ticking over there is certainly enough interest as well.
No change in any of the ratios and the market has had an entire day to work out 7500 is no longer R3 so the stage is definitely set all it needs is just a little spark.
Range: 7450 to 7550
Type: On balance only just bullish
That was a bit eerie in the DAX yesterday as it was so similar to Friday.
Open yesterday 12975, on Friday 12979, the high was 12996 and on Friday 12993 with the low coming in at 12943 against 12941.
However, for us it is still in an enormous Y ratio bandwidth so it should easily be doing more than twice the 50-point range it has managed over the last two days.
Also with the ratios continuing to recede above the zone the resistance ahead is minimal and how the NZ has not started moving up is a mystery as well.
Basically, the one thing this index should not be doing is staying still.
Range: 12550 to 13050