SPX , NDX and DJX Ratio Table 9th Oct 2017
There is a lot happening in the SPX but before we get into that don’t forget the rollover isn’t until next week, so these are big moves at this stage in the expiry.
The main change is the NZ which jumps to 2495-2505 and although not unexpected it is still dramatic.
The accompanying strength in the ratios below the zone and weakness above gives it three bullish marks today.
However, having said that on Friday the market resumed tailgating R1 only getting as high as 2549.41.
R1 is at 2555 today, which was R2 on Friday, so this perhaps gives some measure of the ratio weakness here.
Range: 2505 to 2555
Type: On balance bearish
The NDX is the only one who’s NZ hasn’t changed and we suspect this is because they were already so far ahead of it.
The open was easier and below Y2 but the morning saw quite a tussle and it was soon evident that the bulls were not going to lie down.
However, as the ratios above the zone haven’t changed they will have to work very hard just to push ahead and activity suggests this battle is far from over.
Range: 5975 to 6050 or 6050 to 6200
The DJX’s NZ has also moved, it was flagged but we may not have mentioned it as much as we would have liked.
However, this does make 22700 a very critical level now as if it breaks back into its zone it has 200 points of no ratio underneath.
Furthermore, this would lend weight to our suspicion that this market is at last returning to normal.
On top of which, quite literally as well, we have the R ratios getting very close so it is getting a very tight range in this index now, and it may well prove to be the catalyst.
It is also worth pointing out activity is very one-sided, which is the opposite of last Thursday, so perhaps it may be worth being a little wary of the open.
Range: 22700 to 22900
Activity: Very strong