Again no change in the NZ for the FTSE and it is getting a bit like teeth pulling.
The new zone at 7350-7450 is still very much on the cards and even the market is behaving like it’s a done deal with the low of 7367 and the high of 7425.
Neither high nor low being close enough to call a test but it made for a marginally exciting day that essentially went nowhere but busily.
Range: 7250 / (7350) to 7450
Activity: Very poor
For the DAX it seems the bullish sentiment that raised its head yesterday has vanished.
We do stress that the day after a ratio changes there can be a residual affect at the old level as generally it is just below the threshold and that is what we saw at the old R1 level, 12100, from Friday.
The low yesterday was 12097 so it evidently still packed enough to influence proceedings but the fact the market closed where it did suggests it too is aware of its depleted power.
Also we should mention that the current R1 level is right on the threshold so we would still expect it to work, just not for long.
Range: 12050 to 12450