It was a bit better in the SPX with a 14 point range resulting in a small loss, but really it is very boring.
The first week was the “extra” one so it had an excuse this week does not and in truth it should be more like the NDX.
Again activity seems to be the key and today’s does not reveal any change in the current circumstances so if you are looking for action anywhere else would be better.
Range: 2480 to 2530
Activity Very poor
Thank goodness for the NDX as at least they are showing how it should be done in minimal Y ratio.
Although there was no clue from the Friday as it traded just over 10 points inside both boundaries of its NZ.
The first clue we got was the open yesterday which was not only one of the most aggressive we have seen recently but at 5904.06 was an immediate test of their bottom boundary.
This failed but as is often the case the market did rally back up to the bottom boundary and it was this second failure that sealed their fate.
Again with so much Y1 ratio about as we always say it is like an ice rick and a little push can go a long way, and remember even the step-up level is not until 5775.
Range: 5675 / (5775) to 5900
We mentioned yesterday that the DJX was still up slightly on the week, well on Monday 18th September, the start of this expiry, this index opened at 22297, so it was just its timing was slightly off.
However we suspect it will not sit still for much longer as activity seems to be the key here as well, and here it has exploded.
Hopefully this will spark some interest and we will get back to a market that actually moves, and it’s not as if it is hemmed in by ratio.
Range: 21900 to 22700