EU table 28th July 2017
It seems the FTSE is still undecided so 7450 remains the critical potentially pivotal level.
The market did try to get ahead and managed to get as high as 7461.85, not as high as Wednesday, but still high enough to be far enough into the current zone to certainly establish a beachhead.
The fact it failed to do so probably says it all, but to confirm, that although the NZ hasn’t changed today, it is still looking like it will be 7350-7450 imminently.
Therefore much the same as yesterday, apart from a switch in the odds, that depending on when or if the zone changes this market has 100 points of no ratio above it or below it.
Range: 7250 / (7350) to 7450 or 7450 to 7550
Type: On balance definitely bearish
Without London providing an incentive the DAX did or does indeed look friendless.
However the close does not do justice to how long this market persevered around Y2 at 12250 and it wasn’t until early afternoon that it eventually gave way.
So although it is clearly struggling to even stay still it is also not awash with bears, as even with the slightest conviction Y2 should not have been a problem, especially considering how often it has already crossed this level both ways.
It could well be a case of R1 to the rescue again, although don’t forget the last time the market and this ratio met it was at 12150, which may still harbor memories.
Range: 12100 to 12450
Type: On balance just bullish