FTSE and DAX today’s ratio levels and comment

It was a day for the purists in the FTSE yesterday with the excitement coming about midday with a test of the upper boundary.

It was a weak start which made the recovery all the harder but it eventually got as high as 7542.00.

After that it almost lost interest, but judging by the level of activity someone remained very interested.

We would expect decent levels at the start but this is over and above and pretty much centred on just one strike, 7600, and on one side.

Range:            7450  to  7550

Activity:          Off the scale

Type:              On balance bullish

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For the DAX it was a repeat of Friday’s NZ bandwidth test, just a little lop-sided this time.

This does however give a clue to its preference as the low yesterday was 12973 (Friday 12956) and the high was 13069 (13063).

The table above looks busier than it is as the main change is the introduction of Y2 below the zone.

Again, decent levels of activity and in keeping with where we are in the expiry and with both the EU indices we analyse in their respective zones it is all going to be down to which one breaks out first.

Range:            12950  to  13050

Activity:          Very strong

Type:              Neutral

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