FTSE now in the R’s, DAX even more bandwidth tests, today’s table, levels and comment.

FTSE and DAX Ratio Table 1st Feb 2018



We left the FTSE happily ensconced inside its NZ, where it was until Tuesday 30th Jan.

Don’t forget in the last table R1 was 7500, so one can see from the above the ratios have strengthened with that level now being R2 and R1 now residing at 7550.

This is of course very important with the market now at 7533.55 dissecting the two.

The fact the high (so far) this expiry was 7745.22, which was a test of the corresponding R1 above the zone, suggests it is now coming up against ratio support levels it is sensitive too, so hopefully it will be a brighter end to the week.


Range:            7500  to  7550 / 7600 

Activity:          Strong

Type:              On balance bearish



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There seems to be something about the DAX and NZ bandwidth tests at the moment.

Our last comment saw this index at 13298 and happily dead centre of its NZ and then followed not one but two NZ bandwidth test.

Friday was 13268 to 13348 and then again on Monday it was 13274 to 13370, which was a little skewed, so the breakout downwards was probably more to do with the other markets than here.

It has however not travelled very far, and as one can see the ratios down here are all firmer.

The really big test would be 12950, but it looks to us it would be more than happy loitering within its zone.


Range:            12950  to  13250

Activity:          Strong

Type:              On balance bearish



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February 1st, 2018 by