As we said all the FTSE needed was a friend, or perhaps fair weather as above 7350 it was clear skies.
Officially the open was the same as the previous close, 7329.76, but in the real world it was above 7350 and our only surprise was it stopped just short of going the whole way to the upper boundary, only getting as high as 7439.08.
All right on cue as well as we fully anticipated it all warming up for the rollover next week.
Perhaps worth remembering for almost the first three weeks of this expiry the zone was 7450-7550 and the high this expiry was 7561.07 back on the 20th June.
Range: 7350 to 7450
Activity: Very poor
Type: On balance bearish
Right on cue here as well and as we also said all it needed was a little spark in the DAX and it could easily move 1% to 3% in a day.
Also we have said this a few times before this expiry but both these indices are in sync it’s just that everything is much bigger here, so to achieve the same the distance it has to travel is just that much greater.
Perhaps the one difference is that the high here was 12648 so no doubt this was a test of their upper boundary.
Here of course the zone in the first few weeks was 12750-12850 and the high was on the same day as London’s at 12951 or Y2 which was then at 12950.
Range: 12550 to 12650