The SPX is back to tailgating R1 getting as high as 2555.23 yesterday.
Once that was hit very early on and there was no desire to push through and that pretty much ended the day’s action.
As we said when this index wanted to play no one else did and this inertia yesterday seems to have been the final straw because today you can see from the activity and ratios that is a lot of (bullish) money coming off the table now, more than likely in frustration.
Although R1 hasn’t moved R2 has and R3 quite considerably so, which does open it up a lot above but we feel it really needs or wants someone to play with.
Range: 2505 to 2555
The NDX started well opening up 20-points but that of course meant it was still in Y2 ratio which hadn’t shifted.
Again, they evidently found this going too hard and with the low of 6036.72 this now makes that strike 2 at Y2.
They almost broke through yesterday and so if it goes there again today and as this would be strike 3 then it should succeed this time.
Again, the open is crucial and again why we have two trading ranges.
Range: 5975 to 6050 or 6050 to 6200
Hopefully today will be crunch day for the DJX as it has been slowly slipping down the activity ladder.
So much so it has reached the bottom of the scale by our measure and only for the third time this expiry, although to be fair there have been three “only just registered” as well.
Therefore, hopefully it will hit the R ratios today and that will stimulate activity.
Range: 22700 to 22900
Activity: Did not registered