The problem for the FTSE this expiry was that it started with R2 either side of its NZ, so if it wanted to go anywhere it had to be bold and brazen.
Especially after the Sept expiry when it spent every day inside its zone apart from the last two, the grey area anyway, so it must have been desperate as well.
The first 2 days of this expiry it was interacting with R3 around 7200/7250 (low 7215.47) and fast forward through almost 4 weeks and here we are just shy of R3 at 7550.
Therefore, it just remains to be seen if it finishes in its zone on Wednesday next week.
Range: 7450 to 7550
Type: Not bearish
Well at least the move yesterday in the DAX was original and not a repeat of the day before.
Obviously, we view the fact it closed right on Y2 as significant but the fact remains this index should be easily covering more ground than just 70-points.
We can’t see the NZ not moving up now, in fact it is amazing it has held steadfast for so long, however when it does this may just break this impasse.
It has tangled with R1, but last week when it was at 12950, ironically where it is now of course, but as we have said before it is on a cliff edge if it loses its forward momentum so a rising zone will certainly help but is also not the cure.
Range: 12550 to 13050