Evidently Friday was enough of a fight for the FTSE with the upper NZ boundary at 7450 as yesterday it didn’t even go near.
In fact the open was the high (7438.50) but it really just didn’t look like it had any fight in it at all.
There is still the possibility of the NZ moving to 7450-7550 but slightly less so.
However do not get lulled into a false sense of security, or zone bound, as the rollover starts next week so we should see it build this week.
Range: 7350 to 7450
Activity: Very poor
Type: On balance only just not bearish
Monday broke the spell in the DAX bringing to an end its daily leap frog up the ratio table.
However, unlike London, here they seem to have taken the opportunity of a relatively quiet day (US was closed) to plan ahead and for a big triple this level of activity is very decent and as good as we have seen so far this expiry.
Also it is worth noting that where on Friday this index couldn’t break back into its zone, on Monday it opened down 91 points right on Y2 at 12051, and what’s more the low was 12050 so a solid test of this level that provided support.
In essence this was a Y1 ratio bandwidth test as the high was also 12138, so expect a breakout today.
For the record the ratios are firmer across the board with both R2 levels coming in a notch.
Range: 11950 / (12050) to 12150
Type: On balance bearish