Now that wasn’t so hard for the FTSE, well it did take an hour and a half at the start of the day so it did require some effort anyway.
Also quite a scare in the auction with the market dropping just before and then after the real time close it traded down to 7355, but in the end it added just over 3 points to leave it comfortably inside its zone.
Don’t forget this is a 5 week expiry so we are not yet at the half way mark.
London now has a decent trading range but we must point out that at the upper boundary, a hurdle in itself, lurks R2, and we saw how effective that was at 7250.
Range: 7350 to 7450
The DAX was massively flattered by their auction on Friday, which unlike London only had eyes one way as it added the rather impressive 21.06 points.
This also actually resulted in the high of the day, which of course we don’t think appropriate as it is not under normal open market conditions.
Nevertheless this now places R1 directly in the crosshairs and of course their open could easily swallow up those 22 points just so you are aware.
Also if it does have conviction, and it once used to take DR to turn this market, then the ratio only goes as high as R2, but judging by the type of activity and how hard it found Y2 to get over we don’t think it has enough, yet at least.
Range: 12550 to 12850