SPX Nov to Dec Ratio Rollover Table 14th Nov 2018
The point of looking at the rollover, here the SPX, is not to say what will happen but rather what is possible, and if you had heeded what we said at this stage regarding the November expiry you should be feeling quite comfortable now.
And, just to prove a point, what we said regarding the zone in our last comment, as you can see in the table above, has happened.
Although, admittedly, we said anywhere down to and including 2700, it seems to have settled on 2745-2755, at least for now, which as it’s the rollover, good as.
If it does manage to spend the rollover, i.e. today, in or around this zone then we could be in for a fantastic grand finale over the next two “grey area” days.
But, please bear in mind that there is still an absolutely staggering 110-points of Y1 ratio bandwidth in play, so it wouldn’t take much at all to set this market off.
Nevertheless, after hitting DR at 2595 with the intraday and expiry low of 2603.54, to even be in with a shout of its zone on this specific day is awesome.
Range: 2695 to 2745
Type: On balance just fractionally bearish
We don’t call it the mighty Dec for nothing, and we will check, but by sheer volume this looks like the biggest expiry ever, and probably by a long way, especially considering how early it is.
Therefore, it is simply amazing that the ratios only go as high as DR and that there is 135-points of Y ratio bandwidth.
The most immediate aspect to note is that the zone is at 2795-2805, probably a hangover, as to get this index to move it is not just like turning an oil tanker, but rather one towing an oil rig into the bargain, so it may yet dovetail with Nov.
However, if it doesn’t it will be fun from the off.
Range: 2695 to 2795