It is looking increasingly like this expiry in the FTSE will be a repeat of September’s, in other words remaining zone-bound.
There was news out there so it could have done a bit more than a 29-point daily range, but it is obviously happy being in its zone and as neutral as it can get.
No change in any of the ratios today and activity is as becalmed as the market, but at least it is a conventional 4-week one so not long and of course next up is the mighty December expiry.
Range: 7350 to 7450
Activity: Very poor
That is definitely strike 2 in the DAX on R1 at 13250 as the high was 13255 yesterday.
Actually, it had a little nibble at it in the morning getting as high as 13246, so it knew what it was doing.
If it goes back today this would be strike 3 but it has slipped anyway and this has also pushed R2 out a notch as well.
This coupled with the strength in the ratios below the zone are both bullish, but as we mentioned R1 stopped this index in its tracks last expiry and it doesn’t look any more aggressive this time round, so it could just have to resort to tailgating it (like the SPX last expiry).
However, we should just mention the activity as although not dramatic it was very directional.
Range: 13050 to 13300