In a break
with our normal rollover charts at this point in the expiry we have reverted
back to the more usual three together.
we were intrigued to see just how expensive this expiry was going to be.
the intraday low yesterday in the SPX was 2441.18 and 2445 is still DR, and
pretty much the only level not to change.
point in any comment, but what is noteworthy is the activity has been very
impressive even for an expiry, and the end result is the “biggest of the big”
expiries most certainly gets the record as the biggest on record.
And in a
further twist, the ratios, rather than falling off below the zone, as we would
expect in these circumstances, have actually come in, or strengthened,
Also, it is
alone as the only one still to be inside a ratio bandwidth, the others being
below the hindmost.
Type: On balance only just bullish
We haven’t actually calculated the rollover in the NDX, but as
we said previously, and on many other occasions; “Boy, we bet they are glad they chose the biggest of the big expiries
to implement this “overhaul”, not.
Nevertheless, it still
hasn’t stopped them adding countless more unnecessary strikes”.
This view on the overhaul holds true across all three btw.
The NDX, just like the SPX above, has also seen its ratios below
the zone come in, or strengthen, which just adds to the pain really.
For the DJX
the most noteworthy aspect is that the zone was just a smidgen away from being 23900-24100.
change anything really, but suffice it to say the intraday high on Thursday was
24057, so it wasn’t for want of trying.
and as we said, 23600 was the critical level, so the warning signs were
here, the ratios have reacted as we would expect, but again this doesn’t change