NDX Apr to May Ratio Rollover Table 19th April 2018
Just brilliant, what a fantastic expiry for the NDX, not quite perfect, but we are more than happy with its performance nevertheless.
Considering its journey to finish just 8-points above its zone on the appointed Wednesday is easily close enough for us to take as a success.
To reiterate Y2 was at 6325 and this index finished the March expiry at 7019.95, so almost three weeks later when the low was 6322.60 (2nd April) and then confirmed with 6326.54 (4th April) we were actually more than happy with just calling the bottom.
So, to get back to its zone for the rollover is just an added bonus, and no mean feat as last Friday it closed at 6628.34, so it still had a lot of work to do.
The fact it has recovered virtually 500-points is the main reason why being just a measly 8-points out is truly insignificant.
But, what a journey, 700-points down to Y2 then another 500-points back, which is a staggering 17.1% in 5-weeks. Far more enjoyable than going in a straight line one-way, which, incidentally, would have meant it being at 8220.20 today.
Range: 6775 to 6825 or 6825 to 7100
Type: On balance bearish
Still a couple of days to go before MAY becomes the alpha expiry, but still no R ratios, however it is worth remembering that at this point in April’s expiry there was not even any Y2 ratios in evidence.
The main point to note is that the zone here is 200-points below April’s, which may of course change, but again it is worth remembering that at this stage in April the zone was a massive 150-points, so there may not be any R ratios but what there is already has a little bit more depth.
Nevertheless, unless it changes dramatically, always possible, it is more of the same.
Range: 6625 to 7375