It was a rather timid start to the Dec expiry for the FTSE only managing a 47-point daily range.
However, this was rather significant as it tested the upper boundary of its NZ for the first time, getting as high as 7397.39.
The problem now is that it is no longer Y ratio having gone up a notch to R1.
In fact, 7550 becomes DR so we lose R3 altogether and just goes to highlight the wall of ratio waiting there as that is now quite a leap up.
But first it still has to break out of its zone which is no given, but at least it has plenty of time on its side.
Range: 7300 to 7400
Type: On balance just fractionally bearish
The DAX was the opposite of London and has started very aggressively, or perhaps wants to give that impression at least.
First thing it went down to the bottom boundary of its NZ, getting as low as 12926, so it was a very solid test and the success of that holding evidently encouraged the bulls enough to take on the upper boundary.
It did get as high as 13085 but was obviously struggling and the real time close took it back to 13063 with the auction knocking off the other 5-points.
Very close call just 8-points on a thirteen-thousand-point index but we have placed it above its zone, but as one can see this expiry there is plenty of ratio above the zone to make them really have to work for it if they want it.
Range: 12950 to 13050 or 13050 to 13250