FTSE June to July Ratio Rollover Table 15th June 2018
In the FTSE there have been a lot of changes in the ratios above the zone, but as we have said all along this expiry “will be governed by several massive positions”.
We also said “but our best guess is a return to the first two days of this expiry”, by which we meant circa 7800, so losing almost 20-points in the auction could prove expensive as the close in real time was 7785.18, just a smidgen shy.
Although this is about the FTSE we should at least mention the DAX, which lost a just as impressive 20.44-points in their auction, but as they had overshot their zone in their equally impressive 216-point surge to the line, this might actually work in their favour.
Range: 7650 to 7850
Activity: Very poor
So, the question is whether or not it is safe to get back into the water in July?
Sadly, the answer is no, or perhaps not yet, as simply there is no way of determining whether the rather obvious lumpy positions are for this expiry or still a hangover from June’s.
Although, it is perhaps worth pointing out that they are so blatant because not only is this an intermediary but that they are the only ones, whereas in June we suspect there was bit of a clash of the titans going on.
In the meantime, the biggest indication of the underlying currents will be once the expiry is out of the way where this market closes, specifically in or above its zone.
Range: 7750 to 7850
Type: On balance bearish