FTSE & DAX Ratio Table 20th March 2018
Monday was a tremendously aggressive start to the expiry for the FTSE considering it actually started inside its zone.
However, this was only just and it was probably more about damage limitation in March, underlined by the settlement price being right on one of our levels 7150.63.
The market blasted down through 7100, which as this was R2 it appropriately caused the brakes to come on.
However, it was in the final half hour and the close below R3 at 7050 that is more of a concern.
It is the first day, so still finding its feet, and it was right at the end of the day and furthermore by just a few points, but it is nevertheless below it.
So, a huge start today for London and obviously 7050 is crucial as the next support is not until DR at 6950.
Range: 6950 to 7050 or 7050 to 7100
Activity: Very good
Type: On balance just bullish
The DAX opened down 43-points, right on its zones bottom boundary, then tried to recover but just couldn’t hold on to it.
R1 is a lot closer now than when we last looked at the DAX April expiry, but there is still 600-points of Y ratio between it and the zone, so yesterday’s 172-points is actually quite reserved.
The fact there is still 400-points of Y ratio still above the zone, not too mention the zone itself, means we could be in for a fantastic expiry.
Range: 11950 to 12350