The FTSE was listening it seems and took to heart it being all about R3 as they played around with it all day.
The initial break (which was strike 3 after all) came at midday then they held just above it for the rest of the day, which was hard work so hat’s off to them.
There was a little scare in the auction when it tested 7550 but at the end it actually added one and a half points.
Last day today before the rollover and then a whole new set of influences take over so if they thought yesterday was tough then they may well be in for a surprise, and anyway carrying on in itself will be difficult enough ploughing through R3.
Range: 7450 to 7550 or 7550 to 7700
Type: On balance decidedly bearish
After the move up in the DAX’s NZ we would hope that the ratios below this new level would start to fill in.
They are stronger but no moves, however the ratios above the zone have weakened considerably, not that there was much there to begin with.
We can only repeat that it may on the surface look fine but if one imagines that if they got as aggressive here as in London and took on R3 then this index could quite literally go anywhere.
A sobering thought is that pre- QE this index happily traded up and down to DR before reversing and was easily the more aggressive of the two.
Range: 12850 to 13150