Again, the FTSE really struggled with R1, and again only getting as high as 7582.85 before capitulating.
The market did try very hard to hold onto the upper boundary and it only really gave up in the last hour.
So that makes 2 closes on the line (within 5-points) and 2 closes outside its zone, so far this expiry, but even those two were hardly very far away, so only just count.
The ratios are weaker below the zone but again we are now back to it all being about the zone.
Range: 7450 to 7550
Was the high of 13525 a test of R1 in the DAX yesterday, probably, but not definitely?
Of course, the ratios above the zone continue to weaken, which makes that call even harder, although the high was first thing so if it was then that is when it would have to be we suspect.
It is heating up as we saw a 156-point daily range, and we really can’t add more to the fact that this market could literally go anywhere, and in the next 8 days, so buckle up.
Range: 13050 to 13600
Activity: Very poor