Hopefully that is the FTSE now sorted, it has taken a week for sure but don’t forget the state the expiring September left this one in.
The close last Friday, so the open on Monday, was 7215.47 which was in R3 ratio, which then started at 7250, so this of course was the high (7257.45) that day.
High levels of activity later we get to the stage where on Wednesday 7250 was R2 and the market bounced right back up 25 points off it.
No changes in the ratios today and 7250 is now part of the R2 ratio bandwidth but it has been such an influential level so far, although now but a speed bump, the memories will remain strong so it may well punch above its weight.
Range: 7150 to 7350
Activity is ticking over in the DAX and very one sided today.
The question is whether it is view based or “just in case” insurance?
However it has resulted in the appearance of R3 below the zone, and R2 moves in slightly, but if the market gets down to those levels it will probably take a lot more than that to stop a market with that level of momentum.
Anyway it gives it something to build on and at least it has got that depth there as above the zone it is still rather barren.
Range: 12550 to 12850