It must be working in the FTSE for whatever reason they are doing it but from their open (everyone else had it around 7380 it seems) the market fell, yup, went down 0.25 points.
Back in the real world London climbed quite steadily from a strong open all the way up to the upper boundary, getting as high as 7443.68.
It has been as high as 7437.87 on the 24th August but we didn’t call that a hit, although we are yesterday’s high.
So big decision for them today, and whereas at the other end on Tuesday they were faced with the R ratios at least this end it is only Y2, so as long as one of the other indices (NDX?) doesn’t upset the apple cart it should be OK.
Range: 7350 to 7450
Activity: Very poor
Again it was a rampaging start from the DAX, up 96 points at the start, couldn’t hold onto it and drifted all the way back to Y2 at 12050.
This provided enough support and confidence to take it to their high of the day at 12115, followed shortly by their low at 12034, before finishing right on Y2.
Confidence is the key here as they took a huge fright over NK on Tuesday and don’t seem to have recovered their nerve as they seem to be leapfrogging up the ratio table from one level to the next at present.
However overall activity is positive but the ratios below the zone have eroded considerably so they would remain very susceptible to any further shocks.
Range: 11950 to 12150