The O, H, L and C just do not do justice to how long the FTSE fought with the upper boundary of its NZ.
It seemed touch and go all day whether it would manage to stay above it and even now we are back to where we were with the open today once again being crucial.
The ratios are easier across the board with the biggest mover being B1 above the zone, but that would only come into play if this market got above DR and judging by how it is coping with just R1 we don’t see that as being likely at all.
Please remember what we said about 7600 as that may yet be an issue.
Range: 7450 to 7550 or 7550 to 7650
Activity: Very good
Type: On balance definitely not bullish
Yesterday R1 was at 13450 in the DAX and just like London (and 7550) it really never strayed far from this level all day.
It did try to use the initial strength on the Street as a springboard but it always seemed rather half-hearted.
However, don’t get fooled as the ratios above the zone continue to tumble, which makes this current level of sensitivity somewhat ironic, but so much so there is no R2 anymore and R1 slips to 13550.
Again, to use our phrase clear skies indeed. In fact, it is clear both ways. Just saying.
Range: 13050 to 13550
Type: On balance definitely bearish