Judging by the movement today in the SPX we think 2420-2430 has given up on being the next NZ, at least for now.
Therefore this is generally bullish if only for the feeling of relief but mainly because the zone is now 30 points above the current market.
The only blot on the horizon is the other two and having already got or been into bullish territory they will now encounter futures selling so it may well be all down to how they react to this resistance.
Range: 2415 to 2470
Type: On balance only just bearish
Well that was a very short foray into bullish territory for the NDX.
The market did get as high as 5870.47 however, at the end of the day, the important number is the close, and that was back safely inside its newly fallen NZ.
Therefore today the open is going to be crucial and with no changes to the ratios and activity at the level it is it doesn’t look like it’s that keen to go anywhere.
Range: 5775 to 5825 or 5825 to 6000
Type: On balance bullish
For the third day in a row there is no change in any of the DJX’s ratios, and for the second day in a row activity didn’t manage to make it onto our scale.
In fact last Thursday it was a case of activity just barely making it so there is a case to argue three days of no real activity, which will not help push this index in either direction.
It is in a huge Y ratio bandwidth but as this is a triple it needs to up its game to deal with the vastly increased numbers and that is exactly what we are not seeing, so for us we are back to the open determining which 100 point bandwidth it will trade in.
Range: 21600 to 22400
Activity: Did not register