The FTSE really was fixated on R2 and one has to respect its perseverance.
First thing it attacked, getting as high as the low 60’s, then a pullback of 30-points, but it wasn’t quite finished and repeated this again early afternoon.
In the end they had to wait until the last half hour when they desperately clung on and then had to fight even harder in the auction.
That made it strike three over three days and strike three on the day.
No change in the ratios above the zone but it was hardly a convincing performance but they did it, the question is whether they can hold onto it.
Range: 7700 to 7750 or 7750 to 7850
Type: On balance decidedly bearish
Again, the large activity continues in the DAX and one has to question what it was all in aid of.
This time the large additional position put on the day before has been unwound, or better still, reversed, which makes that the case for all of them.
No wonder the index has retreated back to the sanity of its zone.
So, at the start of its rollover the DAX has been down to R1 (low 12745) and up to R1 (it was 13450 and the high was 13425) and now its back in its zone, so all in all the perfect expiry apart from one minor point, which is it’s a week early.
Range: 13150 to 13250
Activity: Very strong