At least it is not a continuation of Friday in the SPX, where we saw a lot of money coming off the table, but it is also nothing special.
Activity is the key at the moment and from what we are seeing there is a lot of fence-sitting going on.
However despite the meager levels of activity we have seen a few ratios move fractionally, and at best we can say is that it is better than nothing.
This index opened last Monday at 2502.51 and closed on Friday at 2502.22 and all the while it was in 50 point Y ratio bandwidth so it must be bad if it doesn’t want to move when there is nothing to stop it.
Range: 2480 to 2530
If you are going to go nowhere then the NDX has got it spot on, as being in its zone is where it should be.
In fact it was happy enough in its zone that it didn’t even test the edges only getting as high as 5937 and as low as 5911, in both instances just over 10 points away.
Activity here is also ticking over and just like the other two it is evenly biased and with scant movement there is little to add.
Range: 5900 to 5950
At least the DJX managed a little movement on the week managing a rise of 52 points, which is not much but at least it moved.
However also like the SPX it is in the middle of a huge Y ratio bandwidth so really there should be an awful lot more movement.
After the hiccup in activity on Thursday it continues to tick over but no change in any of the ratios.
However this stagnation at this level maintains the possibility of the zone moving here, and even if it is by default we would welcome it, as it would hopefully bringing an end this impasse.
Range: 21900 to 22700