All we can say was that it was a very valiant effort in the DJX yesterday.
Having opened down 75-points it was just above Y2, which had only just moved there, and the combination of these two facts we suspect were just not enough.
Furthermore, it was very probably in shock and actually didn’t know what to do.
It has been in a bubble for so long now that we can’t remember when this index was last in bear territory, and our guess is at least 12 months ago, which is stark staring banana’s.
We didn’t make any forecast for this index due to these very reasons but suffice it to say it is of major significance if normality has returned here now.
Range: 21800 to 23400
Type: On balance only just not bearish
The next two days are going to be critical now for the DJX as the NZ here is giving no indication whatsoever of budging.
Therefore, we will be keeping a very close eye on activity and considering it was the rollover the level achieved today is okay but nothing special.
Another scary thought is we may now have to consider making a forecast for this expiry now.
Range: 23100 to 23600