FTSE and DAX Ratio Table 12th Oct 2017
No doubt at all about that test of R3 in the FTSE as the top of the market was 7550.17 yesterday.
In fact, on Tuesday the high was 7543.88 and 6.22-points (0.08%) on a seven-thousand-point index is also close enough so really yesterdays was strike 2.
The only change today is DR reverts back to 7700 so it is now all about how many futures they are willing to absorb to get past R3 and the fact the rollover is now just a day away.
Range: 7450 to 7550
Type: On balance not bullish
And there it goes as the NZ in the DAX doesn’t just move up but rather leaps 300-points.
It just remains to be seen today whether or not this will act as a catalyst or not.
Essentially none of the other ratio levels have changed but it does make it very obvious now above the zone with just the two.
However, our concern is still the vast amount of Y ratio present and just because the market is treading water it shouldn’t distract from the fact that there is a huge risk here with the corresponding R1 still 800-points below, but we are sure the powers that be will know all about it, not.
Range: 12850 to 13050
Type: On balance just bearish