FTSE eventually gets in its zone and precarious DAX, today’s ratio table, levels and comment.

FTSE & DAX Ratio Table 11th July 2018




To be honest even we were getting bored with the FTSE being stuck in the R1 ratio bandwidth 7550 to 7650 below the zone, but great trading though.

But as we said “the problem is that there is still 12 trading days to go in this expiry, so both levels remain critical, it just needs something to break the impasse”, and that was on Monday, in spectacular fashion.

It spent most of the day banging its head on 7650, but when it did eventually break through then it was straight up another 50-points.

The only change in the ratios is 7750 moves up to R2, which should prove quite a hurdle, but with the rollover next week we should remind everyone of those large positions north of here that may yet have something to say.


Range:            7650  to  7750 

Activity:          Very poor

Type:              On balance only just not bearish



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The title of our last comment was “DAX invitations posted” which was a reference to our expiry long theme that it really needed a friend.

And it seems it has had a few replies, but it doesn’t quite look like the party has started though.

The most important aspect is that not only has their zones freefall been halted, but it has been reversed, with it reclaiming 12450-12550.

The negative side is that there is still an awful lot of Y ratio around, so precarious doesn’t begin to describe it.

Another positive is that there is some strength in the ratios below the zone as well, with not only R1 climbing but the reappearance of R2.

The biggest problem we see here is now funnily not of its own making, but rather the resistance that the US indices may soon encounter and how they may react may translate badly here.

Interestingly the high on Monday was 12559 and the close was 12543, which looks like this was when their zone moved to this level, which means this newly acquired bullish territory is but a day old.


Range:            12550  to 12750

Activity:          Average

Type:              On balance bearish




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July 11th, 2018 by