There cannot be anyone left in any doubt about R2 affecting the FTSE after yesterday.
Again, this madness about the open, officially it was 7671.11, which was also Wednesday’s close and yesterday’s low, but in the real world it looked like it got to 7698, which was the first test of R2.
The actual high of 7702.51 was later in the day, but it still represented a very meagre rise in comparison to every other market.
Today the ratios are weaker across the board, R2 remains at 7700, but is rather fragile now.
Range: 7650 to 7700
Activity: Very poor
The DAX opened up 87-points which succinctly answered the question about whether we were going to get another bandwidth test first as that put it at 13065.
The fact the low was 13062 also gave a big hint.
However, all is not as rosy in the ratio world as they are stronger above the zone and weaker below it, which is bearish.
Although, with 13450 moving to R2 this very neatly draws a line as that makes it now a very big jump from the Y ratios at that exact point.
Range: 13050 to 13450