FTSE no surprise and DAX not convincing, today’s levels and comment

No surprise the FTSE broke 7550, in fact the change in the zone narrowing the trading range to just 50-points very probably caused it as it forced the decision one way or the other.

And it has been battering 7550 all week so we were on day 4 and innumerable attempts during those days so if anything was to surprise it would have been if it had held out for even longer.

That said having found R1 so impenetrable they seemed to have had no problem with R2 at 7600, which does surprise us.

It is silly season and new records at Christmas are rather passé it happens so regularly, but it still takes some doing, and R3 next up.

Range:            7550  to  7600        or        7600  to  7650 

Activity:          Poor

Type:              Bearish

[affilinet_performance_ad size=468×60]

Well it was a big test for the DAX and although it finished above its zone it was far from a convincing victory.

The open was virtually unchanged but soon they were back inside their zone, bottoming at 13013 and stayed there for almost the entire morning.

Nevertheless, it finished back in its Y1 ratio bandwidth and Y2 has returned to 13350, the level that called the high on Tuesday, but overall the ratios are firmer both sides.

Range:            13050  to  13350

Activity:          Average

Type:              On balance just fractionally bullish

[affilinet_performance_ad size=468×60]