DJX Nov to Dec Rollover 15th Nov 2017
That was very impressive from the DJX clawing its way back to manage to finish inside its NZ, albeit only just.
But what is remarkable is the fact we are even mentioning it as this index has been so divorced from its zone for the past 10 months these are now forces that are unfamiliar with this index.
The amazing irony is that with Y2 moving up to 23300 this index may now actually get support from the ratios, and how truly bizarre would that be.
We have to say that after yesterday’s fightback to make it 6 trading days in a row closing in its zone, and more importantly at this very point in time, it looks a lot like the return of the prodigal.
Range: 23300 to 23400 or 23400 to 23600
Now if the DJX has returned to rationality the ramifications for December are serious.
Rather than just battering away at the highest ratio it could find above its NZ then now this zone will have influence.
If it does then it would be well worth noting that it is at 22900-23100.
Furthermore, there is a rather nasty R3 just above this market while all the Y ratio is currently below the zone.
Range: 23100 to 23600