Both SPX and DJX start in their zones, NDX has widest ever. Today’s ratio table, levels and comment.

SPX , NDX & DJX Ratio Table 19th March 2018

Whether or not March’s zone moved in time to match April’s is immaterial now, but with the settlement price of 2751.83 it was certainly as if it had.

Of course, this means this expiry starts with the market in its zone, so literally everything to play for.

As March only went as high as DR it is not surprising April can only manage R3, so with it remaining ratio thin hopefully sensitivity will increase proportionally.

At the least we would expect it to trade between the R1 ratio levels, so for this long 5-week expiry that is 2680 all the way up to 2805, so it certainly won’t be dull.

Range:            2745  to  2755

Activity           Average

Type:              Bearish

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As the appearance of R1 with just days to go, and it also being 300-points away, for us gives March the dubious accolade of being the first Y ratio only expiry.

However, it could be a very short reign as we drop down to the intermediary April which is also a 5-week one.

In fact, it already gets the also dubious accolade of having the widest ever zone, being 150-points, which just goes to show exactly how little ratio there is.

So, hang on tight as with no, or extremely little, dynamic delta we are now in the middle of a huge frozen lake on razor sharp ice-skates where even the slightest puff of wind could blow the market a very long way.

Range:            6925  to  7375

Activity:          Very good

Type:              Neutral

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When we last looked at (March) DJX we said it was still possible for that zone to move to 24900-25100 and judging by the settlement price it did just that.

The final price was 24879, so just a smidgen shy, but as April’s has obviously also moved to this level then this suggests both did.

So, judging by the closing price being in its zone then both the DJX and SPX are in a very similar position this expiry, actually practically identical.

However, here the R ratios go from 24000, where it is not messing around as it kicks off at R3, all the way up to 25300, so also plenty to play for, the only question is which way will it jump first?

Range:            24900  to  25100

Activity:          Very strong

Type:              On balance just bullish

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