SPX, NDX and DJX Ratio Tables 24th August 2017
With the SPX dropping 7.63 points at the open we thought we might be in for another decent move but it all went rather quiet.
The confusion over where the NZ really wants to be does not help but the end result today is a lot of money coming off the table and considering we are just at the start of this expiry this is rare, but does explain the lack of enthusiasm.
Today it seems the NZ has no intention of moving which may help to clear the picture up, and we even see the appearance of R1 below the zone just to highlight this, but at the end of the day this index is still in the middle of a very wide Y ratio bandwidth, which is quite exceptional for a triple witching expiry.
Range: 2410 to 2470
Type: On balance only just not bearish
All the NDX had to do was open up a couple of points to get back into its NZ but it was not to be as they opened down 31.17 points.
The issue may well be the fact that the NZ looked like moving to 5775-5825 yesterday and today we don’t quite know how it is not, so the merest twitch today should see it move.
The more interesting aspect of this move would be it means this index is changing sides and would join the DJX in bullish territory (market above the NZ) leaving the SPX as the one remain bear, especially so now their NZ is looking less likely to change.
No wonder the markets don’t know which way to turn as they probably don’t even know what side they are on currently.
Range: 5625 to 5875
No change in any of the DJX’s ratios and at least there is still some activity going on here.
Although when we say at least that is in all senses as it only just made it onto our scale it is so low.
The realisation of being in a triple is probably now sinking in which is a good thing as now everyone know what and to what extent they have to do it to achieve their goal.
Range: 21600 to 22400
Activity: Very poor