There is the move in the SPX’s NZ, rising to 2695-2705 as expected, but still a way below the market.
However, as we said yesterday, that’s as bullish as you can get and it did take all morning to get convincingly above 2755, but once it did it really took off.
This change neatly highlights the situation here as all that now remains above the market is R2, but as it has come so far so fast and without a shadow of doubt the nearest R ratio below is 147-points away, so it is not without risk even if it is choosing to ignore it.
Range: 2755 to 2780
Type: On balance only just bearish
As we said yesterday in the NDX “but with the rollover starting next week we very much doubt we have seen the last of them” and here we are with number 4 for this expiry putting it at 6675-6725.
This was on the back of a high level of activity but it also puts it almost dead centre of the new zone.
We would like to think that’s it for this index in this expiry and it will stay zone-bound until Wednesday, but considering it is up 242-points (3.74%) this expiry so far that is a tall order.
Range: 6675 to 6725
Type: On balance bearish
Activity in the DJX is back and hardly surprising what type it is considering the move yesterday and the fact it’s the rollover next week.
It doesn’t actually change anything and for the record the next step-up level is not until 26500, so even if that were a ratio level in its own right it still means this market is currently in a 1600-point bandwidth.
Range: 24900 to ……
Activity: Very good