March 6th, 2023 by Richard

The FTSE continues to aggressively attack DR Ratio

Nb. Our comment on 03/06/23

Well, the FTSE has gone from being very compliant to derivatives in the first week, to being weirdly over exuberant in week two.

Monday, for whatever reason, saw the FTSE get back over 7900 despite the presence of DR ratio there, and in the process undoing all the hard work from the first week.

The natural reaction came on Tuesday, with the market getting back below 7900, after yet another 6-hour epic battle with DR at 7900.

Then from Wednesday onwards London took on its own equity agenda, only returning to being recognisant of derivatives when it encountered DR once again, now resident at 7950.

We always say that the big expiries can happily take on far higher levels of ratio than the intermediaries but, even taking this into account, from day one of this expiry the FTSE has been relentlessly attacking DR, which is a bit odd to say the least.

We are now past the half way point of this expiry and the ratio table as one can see, has still got the zone all the way back at 7750, while the equity market is still persisting with taking on DR ratio.

At the end of the day the amount of dynamic delta futures selling proportionate to DR ratio is a lot for any market to absorb. Fantastic that there are so many willing buyers out there, and it has been known for triple witching expiries to even take on the B levels and, you know there is a but coming, but for the first one of the year and from day one, is a tad extreme.

We really don’t want to rain on the parade, but the market is evidently not quite brave enough to push past DR, so as long as it stays at 7950 then that is always going to be a hurdle. Then, even if it overcomes that, you have B1 at 8050. All the while, the gravitational pull of the zone 200-points below, with time running out, is only going to get stronger. Def not a market we would want to be long of, in a nutshell.

 

Range:            7900  to  7950      

Activity:          Very very poor

Type:              On balance bearish

www.hedgeratioanalysis.com

 

Nb. Our comment from 02/27/23

 

Hopefully, after reading our comment last week you would have been able to appreciate why the FTSE did what it did last week.

Obviously being in the DR ratio bandwidth was a difficult situation for it, as every which way it turned it was faced with some serious levels of dynamic delta futures selling.

Especially coming from an intermediary expiry, this would have been even harder to cope with.

Hence such a quiet Monday, the entire trading range on which was only just 24-points.

Tuesday saw it get a bit bolder, and also work out which way was the path of least pain.

Wednesday and Thursday were strike one and two respectively on DR at 7900, the intraday lows being 7879.03 and 7888.88.

Friday, or strike three, saw the break through.

This week, and as you can see in the ratio table, there have been some significant changes.

We would hope 7900 is now over and done with, as we can’t believe they don’t know by now that there is a lot of futures selling here.

Which should be made all the more apparent as the ratio bandwidth it is in now has slipped to Y2.

So, just like 7900 last week, we strongly suspect the battle this week will be with the upper boundary of its zone, 7800, and pretty much for the exact same reasons.

Of course, if it breaks into its zone, then 7700 would be the next target.

 

Range:            7800  to  7900      

Activity:          Poor

Type:              On balance bearish

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October 10th, 2022 by Richard

Fascinating evolution of the FTSE ratios this expiry, means there's a lot left to come.

 

Nb. Our comment from the 10/03/2022

As we said last week it certainly was a fantastic battle the market had with R3 at 6950, and it was on the Monday as well.

In fact, we thought it might just have been a case of job done when the market bounced right back int the 7000’s, and held there on the Tuesday.

Wednesday was the crunch day, and although the official open (always the previous days close) was 6984.59, in the real world it was nearer 6918.

What this meant was that is gapped down at the open to below R3 at 6950, if it was even still there in fact.

As you can see from the above table 6950 is now R2, having lost a third of its potency. The trouble is that we don’t know when that changed, and it could easily have been on Wednesday.

The fact that R3 is now 6850 and the last three intraday lows have been 6836.28, 6829.29 & 6840.07 does tend to suggest this as well.

Without calculating the ratios daily, we have no way of knowing, sorry.

So, apart from the ratios below the zone all looking weak, the other big news is the zone itself.

And it is not a small drop either, but a 200-point fall.

The upside, is perhaps that come the rollover and expiry, that this might be far more attainable but, the not so good news, is that there is still three weeks left in this expiry.

Obviously, falling ratios coupled with a falling zone are both bearish, as is the rising ratios above the zone. However, R3 does still seem to holding its own.

Plenty of upside now, the only question is will 6850 remain at R3 to give some downside protection?

 

Range:            6850  to  7050      

Activity:          Good

Type:              On balance just bullish

 

Nb. Our comment on 10/10/22

 

Despite the fact that R3 had retreated to 6850 last week, it seems the market hadn’t realised.

As R2 at 6950 evidently produced enough dynamic delta to achieve the same result, with the intraday lows on Thursday and Friday being 6961.10 and 6960.36 respectively.

If the market should go back there again even R2 has retreated, back to 6900 now but, with another drop in the zone, this now makes 6950 not only R1 but also the bottom boundary of this new zone.

Again, a falling zone coupled with falling ratios below and rising above are all bearish signs.

And don’t forget this market has already tested R3 (when it was at 6950 on 26th Sept with the intraday low of 6937.40), so the fact it is now at 6800 means that this market is not out of the woods yet.

However, if it can stabilise in its fallen zone, and the ratios either side can also stop, or change, their direction of travel then it might give a chance to the bulls.

Especially as we now have only two weeks to go in this expiry.

And with the way this expiry has evolved, above the zone you now have 300-points of just the minimal Y ratio. A level of ratio that should hold no fear for an index that has been messing with R3 and R2 levels already.

Of course, so far this expiry it has been one-way traffic, don’t forget the “opening” price on day 1 was 7236.68, and back then the zone was 7250-7350 and all the Y ratio was below it.

Almost the mirror image of what it is now, and back then, on the 20th September, did you think that the market would go down through all that Y ratio until it hit the R ratios?

 

Range:            6950  to  7050      

Activity:          Moderate

Type:              On balance definitely bullish

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September 22nd, 2022 by Richard

The FTSE was in ratio trouble from day1

 

Nb. Our comment from the 08/19/2022 (Not published)

 

Nb. Our comment on 09/21/22

 

Well, the September expiry did end up a textbook one.

On the Wednesday and Thursday, the intraday lows were 7259.24 and 7258.67 respectively, and the EDSP was 7264.45. So, there was no doubt at all they held it in its zone over the rollover and expiry, which when you consider what was happening in the US, then this is even more impressive.

Moving swiftly on to more important matters…October, and the new 5-week expiry.

Obviously, the close last Friday was south of the zone, so the grand intentions of September evidently didn’t carry across into the October expiry.

With the short notice Bank Holiday on Monday no doubt affecting things, Tuesday was going to be crucial in determining what the possible intentions might be for this expiry.

And having been almost 100-points higher at one stage seemed to answer that. However, it really didn’t take much to knock the legs out from under that rally, and very early on into the proceedings as well.

More importantly, the bottom boundary of the zone (7250) hardly put up any resistance at all. In stark contrast to the week before.

The next level of support is not until it hits Y2 at 7150.

After that, you have to wait until 7050 before it hits R1.

Even from the very start the ratios were lopsided (no Y ratio above the zone), so it always had the potential to be a hard slog this expiry for the bulls.

Therefore, the only question that really remains, is what will tempt them back in to the fray, Y2, R1 or might it take R3 at 6950?

 

Range:            7050  to  7250      

Activity:          Average

Type:              Neutral

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September 20th, 2022 by Richard

The SPX starts the Oct intermediary expiry with few, if any, positive signs.

 

Nb. Our comment from the September Expiry

 

Apologies we didn’t get the chance to publish one last comment in the expiry week.

Regardless of this though, you should have all had a decent experience as our “serious Ratio level for the SPX”, namely 3895, did indeed prove to be the turning point of the entire expiry.

Well, at least until the final couple of days. Which by then the entire ratio picture had changed anyway, as is the norm with these things.

But, in-between, the market bounced from R2 at 3895 all the way back up to 4119.28, a very impressive 224.28-points, which made our expiry, so the final few days were not that significant to us really.

For the record, the settlement price was 3871.24, but 3895 had slipped from R2 to R1. With R2 finishing at 3845.

The zone was still at 4000, so although the sharp fall in the ratios eased the pain, the end result was not that good for derivatives.

At the end it was just Y2 ratio from the zone down to 3895, so not enormously painful, but still enough to smart.

 

 

 Nb. Our comment for 09/20/2022

 

And before you know it, here we are in the October expiry.

Which means we have returned to the intermediary ones, and not only that, but this is a five-week expiry as well.

This can sometimes mean the first week can be a slow-burner, however from the overall level of activity, as well as the daily one, this does not appear to be the case this time.

Reinforcing this, is the change we have seen in the ratios so far this expiry already.

Below the zone, we have seen the appearance of Y1, while at the same time, both R1 and R2 have seen significant dips.

However, the big changes have come above the zone, where in the space of just a few trading days, all the ratios have come in significantly. To the tune of a 100-points, or more.

Admittedly, the zone is unchanged but, the way the ratios are developing, is very bearish.

Of course, October is but two days old, so one shouldn’t jump to conclusions.

On top of which, from R1 to R1, it is now 3795 up to 4205, a whopping 410-points. Not as bad as we have seen, but a widening from September.

Which in itself is not good, as the Y ratio bandwidth has been ridiculously wide for far too long now, and to see the narrowing in Sept now reversed is simply not good.

Unless you are a vol trader that is, as such a wide trading range is certainly not going to hurt your cause any.

For the rest of us, the bearish movement in the ratios is what it is. All it really needs is the confirmation of a move down in the zone.

Or, for the market to break back up over it, and therefore back into bullish territory, which they singularly failed to hold onto in the last expiry, so that’s not a good sign either. All told, not an auspicious start really.

 

Range:            3795  to  3995           

Activity:          Average

Type:              On balance only just bullish

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September 5th, 2022 by Richard

The FTSE condenses an entire expiry into just two weeks, a sign or is it now done?

 

Nb. Our comment from the 08/30/2022

And too much for them it certainly was.

A very interesting thing also happened last Monday 22nd as the intraday high was in fact 7550.41 (the previous close and Monday’s open being 7550.37).

We never saw it, don’t think anyone did actually, but it’s there in black and white for all eternity despite it being an anomaly IOHO.

The warning signs were there, as on both Tuesday and Thursday the market got back up to the low/mid-thirties.

And we have said this often in the past, that when the market knows there is a huge futures seller at 7550 and then starts playing “you first”, “no, after you” and “please, I insist” but no one is being brave enough to knock on that door again, it’s always a bad sign. Great if you’re a bear though naturally.

Getting back to the present, and the significance of this market closing below 7450 should not be underestimated.

This is because the next level of support is in fact the zone, the upper boundary still being at 7350.

Of course, London is going to be playing catch-up as it was closed yesterday so still has to account for a chunk of Friday’s drop as well as Monday’s.

But, if the FTSE does test its zone, we will be happy to speculate that when we published our comment on the 22nd mentioning the zone at 7300, not many, if any, probably saw that as a likely target.

Means that our trading range is quite a significant one this time, as 7450 will be a big test for any bulls, whereas if the upper boundary at 7350 doesn’t hold then the lower boundary will very probably come into play.

 

Range:            7350  to  7450      

Activity:          Poor

Type:              Bearish

 

 

Nb. Our comment on 09/05/22

We do sincerely hope that you did take notice of our ratio levels, as you should then have had an outstanding week.

In fact, everything we talked about actually played out in London on the very day the market reopened, Tuesday 30th August.

From the open it went on to test R3 at 7450 but, by the end of the day it had also tested the upper boundary of its zone, 7350.

Which did hold, the intraday low being 7351.12, but that did create a bandwidth test. Meaning a breakout was imminent.

As the market closed that day at 7361.63 the odds were in favour of that breakout being down into its zone.

Wednesday saw the zones bottom boundary tested, 7250, which also made that day a zone bandwidth test.

The next level of support was R3 at 7150, and if you knew that then you pretty much had Thursday and Friday covered. Thursday’s intraday low was 7131.69 whereas Fridays was 7148.50.

The trouble is that the FTSE has now crammed into two weeks what we would expect to take the entire expiry. Well, three weeks actually, the final week being needed to get it back to its zone.

We have seen this setup before, and in those instances the market stayed in its zone for the entire third week (excitedly going nowhere) before the final week breakout.

Therefore, we would like to see the same, but we doubt this will happen as there are too many geopolitical things going on.

So, all we can say, is take note of the ratio levels and then watch very carefully what the market does when its around them, as either up or down, it has now been there already.

 

Range:            7250  to  7350      

Activity:          Very poor

Type:              On balance bearish

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August 30th, 2022 by Richard

The SPX has retreated all the way back to its zone at the start of the big Sept expiry.

 

Nb. Our comment from the 08/22/22 (Not published)

 

Nb. Our comment for 08/30/22

 

It is a shame we couldn’t get a note out last week on the SPX, as just like the FTSE this index started the September expiry knocking on a high ratio door.

For the SPX this was R1, historically not particularly high but, under recent conditions, this index has even proved sensitive to just Y2 ratio.

Of course, this all came about because there was an absolute vacuum of ratio in the last expiry that allowed this index to be sucked higher. Very impressively finishing the August expiry +418.40-points, or 10.9%. Even exceeding our forecast at the start “that it could be one for the bulls”.

So, worth noting that the expiry intraday high in Aug was 4325.28 (16/08/2022), which made the closing high that very same day of 4305.20, the day before the rollover.

Again, and just like the FTSE, the zone here had been steadfast at 4000, 300-points below where the market was.

The good news, is that there is no Y ratio below said zone, which is not so good for the bears admittedly, but may prove very handy for the bulls as the market is just 30-points away now.

This therefore also means that we are seeing the smallest Y1 ratio bandwidth that we have for a very long time, coming in at just 110-points.

However, and as we have just experienced, the overall Y ratio bandwidth is still a very impressive 310-points, but which is nothing compared to what we have been seeing of late.

More importantly, it reverses the recent trend of ever-expanding bandwidths, which can only be good.

Plenty of life left in this index, and the bulls have nothing to worry about quite yet, that will only come with a test and fail of R1 at 3995. In the meantime, enjoy the wide-open expanse of the Y ratio.

 

Range:            4005  to  4305           

Activity:          Poor

Type:              On balance bullish

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August 30th, 2022 by Richard

After coming unstuck at DR Ratio at 7550 the FTSE is now in a critical bandwidth.

 

Nb. Our comment from the 08/22/2022

The August expiry was even more bullish than we thought/predicted it would be, ending up with a gain of 416.49-points (5.84%) on the EDSP of 7550.62.

And not only was 7550 the settlement price, it is also the closing level for the FTSE.

This is very significant, as the actual real time closing price of the FTSE was in fact 7539.79, down 2.06-points.

So, not only has the auction turned a loss into a gain (so much for transparent and representative market data then) but it has also taken it to a very significant ratio level as well.

For those not sure of the significance of this it is because in real time both the futures and equity market are open, whereas the auction is the preserve of equities only. Therefore, the auction takes place without allowing for any dynamic delta or hedging to take place from the derivative stock index options and futures.

The end result is that today, this index is going to start right on DR ratio, which is a lot, even for a triple.

By the end of a triple, we always say that they can, and frequently do, trade up to the B ratio levels, such is the huge increase in activity in both derivatives and index equities created via stock index options and futures hedging.

But, at the very start of the expiry, DR is a lot of dynamic delta futures selling for a market to absorb.

On top of which, the zone is down at 7300.

Hat’s off to the bulls if they are that committed, but we suspect this will be too much for them to contend with, at least for this week.

 

Range:            7450  to  7550        or        7550  to  7700      

Activity:          Poor

Type:              On balance bearish

 

 

Nb. Our comment on 08/30/22

 

And too much for them it certainly was.

A very interesting thing also happened last Monday 22nd as the intraday high was in fact 7550.41 (the previous close and Monday’s open being 7550.37).

We never saw it, don’t think anyone did actually, but it’s there in black and white for all eternity despite it being an anomaly IOHO.

The warning signs were there, as on both Tuesday and Thursday the market got back up to the low/mid-thirties.

And we have said this often in the past, that when the market knows there is a huge futures seller at 7550 and then starts playing “you first”, “no, after you” and “please, I insist” but no one is being brave enough to knock on that door again, it’s always a bad sign. Great if you’re a bear though naturally.

Getting back to the present, and the significance of this market closing below 7450 should not be underestimated.

This is because the next level of support is in fact the zone, the upper boundary still being at 7350.

Of course, London is going to be playing catch-up as it was closed yesterday so still has to account for a chunk of Friday’s drop as well as Monday’s.

But, if the FTSE does test its zone, we will be happy to speculate that when we published our comment on the 22nd mentioning the zone at 7300, not many, if any, probably saw that as a likely target.

Means that our trading range is quite a significant one this time, as 7450 will be a big test for any bulls, whereas if the upper boundary at 7350 doesn’t hold then the lower boundary will very probably come into play.

 

Range:            7350  to  7450      

Activity:          Poor

Type:              Bearish

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August 22nd, 2022 by Richard

As the September expiry starts the FTSE is now facing a huge Ratio level.

 

Nb. Our comment from the 08/15/2022 (Not published)

Nb. Our comment on 08/22/22

 

The August expiry was even more bullish than we thought/predicted it would be, ending up with a gain of 416.49-points (5.84%) on the EDSP of 7550.62.

And not only was 7550 the settlement price, it is also the closing level for the FTSE.

This is very significant, as the actual real time closing price of the FTSE was in fact 7539.79, down 2.06-points.

So, not only has the auction turned a loss into a gain (so much for transparent and representative market data then) but it has also taken it to a very significant ratio level as well.

For those not sure of the significance of this it is because in real time both the futures and equity market are open, whereas the auction is the preserve of equities only. Therefore, the auction takes place without allowing for any dynamic delta or hedging to take place from the derivative stock index options and futures.

The end result is that today, this index is going to start right on DR ratio, which is a lot, even for a triple.

By the end of a triple, we always say that they can, and frequently do, trade up to the B ratio levels, such is the huge increase in activity in both derivatives and index equities created via stock index options and futures hedging.

But, at the very start of the expiry, DR is a lot of dynamic delta futures selling for a market to absorb.

On top of which, the zone is down at 7300.

Hat’s off to the bulls if they are that committed, but we suspect this will be too much for them to contend with, at least for this week.

 

Range:            7450  to  7550        or        7550  to  7700      

Activity:          Poor

Type:              On balance bearish

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August 15th, 2022 by Richard

The risk: reward ratio changes in the FTSE as Aug expiry comes to an end and Sept looms large.

 

Nb. Our comment from the 08/08/2022

Why waste time? Which is exactly the attitude of the FTSE at the moment.

Since our last comment, please see above, where we mentioned it had gone to a lot of effort to stay in bullish territory above its zone and that it was clear all the way up to 7450…it has just powered on up until it hit aforementioned 7450.

During the course of this journey, it has also moved the zone up.

This we see as a natural move, occasioned by the lack of ratio in that huge Y ratio bandwidth that was there a couple of weeks ago, rather than any great bullish manipulation.

To underline this point, below the zone, OK 7050 has gone from Y2 to R1, but otherwise R2, R3 and DR have all remained static.

Admittedly, above the zone, the ratios have slipped, but they were doing that two weeks ago, and anyway, with the huge move in this market this is by and large a natural by-product of this.

So, what next?

Well, 7450 is the new critical level. Now because it is the top boundary of the zone but, previously, it was because it was R1.

Don’t forget at the start of this expiry 7450 was Y2, then became R1, so this is it just retuning to where it came from.

However, the difference now to two weeks ago, is that Wednesday’s intraday high and close was 7445, Thursday’s close was 7448 and Friday’s 7439. All inside the zone.

There is still two weeks to go, but the market is certainly not as aggressive as it was a fortnight ago. There is still some upside, R1 now starting at 7550, but there is also now a lot of downside. Apart from the actual zone of course, the corresponding R1 is all the way down there at 7050, so the risk: reward ratio has changed considerably now, at least for us that is.

 

Range:            7350  to  7450      

Activity:          Moderate

Type:              Neutral

 

 

Nb. Our comment on 08/15/22

 

And here we are, at the end of the August expiry, and one which certainly has been “one for the bulls”.

We have said this before but, one of the main aims of looking at the hedge ratios, is so that one can determine when the market is out of kilter with reality. When we say reality, what we actually mean, is that the market fails to respond to the futures coming on to the market via the dynamic delta. If this is futures selling, and the market is a willing buyer, then all is good. But and this is a big but, at some stage this appetite, or emotion, will fade, leaving the dynamic delta to take charge.

For us this is where this market is now.

Essentially, it has broken up through its zone, met with the futures selling generated by the minimal Y1 ratio dynamic delta, and simply stalled.

The desire is there (for the bulls) but the appetite just isn’t. At the end of this week the FTSE has added just 60-points (0.81%) whereas the S&P500 has added 135-points (3.26%).

And on top of this you now have the rollover and expiry for the market to contend with.

Furthermore, next up is the September expiry, the third of the “biggies” this year, and so this makes it the second biggest this year by sheer volume. Only the Dec expiry is bigger.

After Wall Street’s performance on Friday most would anticipate the market opening stronger this side of the pond, and as one can see in the table above, the FTSE is right in the middle of its Y1 ratio bandwidth.

So, although the Y1 dynamic delta has up to now, applied the brakes to the bulls’ exuberance, lurking dead ahead is R1 at 7550. This is also already a significant ratio level in the Sept expiry. So, it might get frisky this week but, as we said previously, “the risk: reward ratio has changed considerably now”.

 

Range:            7450  to  7550      

Activity:          Average

Type:              Bearish

 

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August 10th, 2022 by Richard

Well, so far, it certainly has been one for the bulls, but what's next is the real question now?

 

Nb. Our comment from the 07/26/22

 

Well, so far it has definitely been the case that this “expiry might actually turn out as one for the bulls”.

On Monday 18th, the first day of this expiry, the intraday low was 3818.63, another test of Y2 at 3820. Since then, and after we highlighted the stubbornness of the August zone, the market closed on Thursday 21st at 3998.95, right in it. Not bad that, 4.6% in as many days, and why we feel slightly vindicated about our comments.

The question is, what happens next?

It was all done rather hastily, and let’s face it, there is still 4-weeks to go in this expiry.

The intraday high on Friday was 4012.44, and we mention this as there is some doubt as whether or not this was a test of Y2. The reason is, that Y2 after the 19th had moved down to 4015 but, on the Friday, actually slipped back out to 4020, before moving back for today.

If it was a test, then that is the market having performed a complete Y1 bandwidth test.

The fact that it is now almost 100-points below this, suggests that it was in fact a test.

Generally, this means the market languishing for a while in this bandwidth.

However, if one compares where the ratios were on the 19th to where they are today, then it is obvious that they are strengthening on both sides of the zone.

If this continues at the same pace, then the zone will have to move, and downwards.

The prognosis is that everything now rests on how the ratios now evolve. If they continue to strengthen as they are above the zone, this will eventually force it down. Or will the ratios below the zone get enough support to keep it up.

Whichever side wins this new battle, we suspect will then dominate the rest of this expiry. But, don’t lose sight of the fact that the Y1 ratio bandwidth is now only 170-points, whereas the overall Y ratio bandwidth is still a massive 460-points. So, although these are a lot narrower than they have been, they are still plenty wide enough to satisfy most traders.

 

Range:            3845  to  3995           

Activity:          Poor

Type:              On balance only just bearish

 

Nb. Our comment for 08/10/22

 

As we said, this one (expiry) may be one for the bulls, and so it has with a whopping rise of 7.96% so far.

In fact, if you go from the expiry high of 4186.62 it is actually 9.64%…and not many others saw this coming back on 18th July when this expiry started.

But, more importantly, is what might happen next?

The first aspect we have noted is that activity is going through a normal mid-expiry doldrum. While this is quite common, it does mean a degree of loss of control by the derivatives.

The second aspect to note is that, despite such a huge Y ratio bandwidth, the zone hasn’t moved, and more interestingly, not made any sign that it is likely to.

Thirdly, and this holds true in any expiry, don’t get fooled into believing any 4th Estate hyperbole about what is driving this market. There isn’t anything. It is simply because there is no ratio to speak of to get in the way. Although, almost 10% is a very long way we concede, so we understand why they have to try to label it, but it was nothing that wasn’t seen as possible meaning that the reason was also foreseeable.

Bearing these three aspects in mind, one might want to now consider that the rollover and expiry are next week.

Therefore, activity will pick up, so will volatility in all likelihood, and this will then determine if the zone remains steadfast, or looks likely to adapt.

In the meantime, it is worth remembering that this index is in Y2 ratio. Not difficult to handle, but with low activity, it would certainly make things uncomfortable.

Both Y2 and R1 have been higher, 4105 and 4255 respectively, so where they stand today is actually them strengthening, adding weight to the zone remaining where it is.

Bearing all this in mind, and as things stand, we have to start thinking about this index returning to its zone for next week.

The all-important question, is will the zone shift in the meantime?

 

Range:            4005  to  4230           

Activity:          Very poor

Type:              Neutral

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