Nb. Comment from 05/06/19 (Not published
It has been a very long time since we
last commented on the DJX, but eventually we are seeing those daily 200-point
moves we have been expecting.
Of course, this was back in the last
expiry, but as you can see from the above table the zone is still huge, so naturally
we would be expecting the same in the May expiry.
The interesting part though, has been
how close it has stayed to the centre of its zone, namely 26500, as in two
entire weeks the furthest it has strayed is the measly 200-points.
Worth noting, the last fortnight closes
in chronological order were, 26511, 26656, 26597, 26462, 26543, 26554, 26592,
26430, 26307 and 26504.
And we are already at the mid-point of
this expiry, so the rollover actually starts next week, so we rather doubt
things will remain so unadventurous.
Also, worth noting, is this index is
very similar to the SPX, in that there is an awful lot of Y ratio should it
test and breach its zones lower boundary.
This makes 2895 and 26000 both critical
So, make sure and watch out for confluence, where they both test their respective levels at the same time.
Nb. Comment on 05/10/19
Wow. In a word.
Never ceases to surprise do the ratios
and when we last looked (6th May) we thought the zone was
ridiculously wide then, so we just don’t have the words to describe what it is
Obviously, since our last comment, here
in the DJX the crucial level was 26000, being the bottom of the zone back then,
so Tue and Wed price action was very important.
The close on the 7th was
25965, so right on the boundary, and, as it turns out, crucial it was those few
points on the wrong side.
Wed saw an intraday high of 26118, so
nice try, but the close at 25967, again shows it on the wrong side, albeit
Of course, now it’s no longer an issue,
and this index has an astonishing 2000-points of zero ratio to play around in
So, basically strap yourself in, as this
combined with the rollover next week, means for us, quiet it won’t be.
Perhaps worth pointing out that activity is high because the benchmark is still exceedingly low, although with such a wide zone that’s pretty obvious.
Range: 25000 to
Activity: Very good