Category: Uncategorized

Jul
27
2020
July 27th, 2020 by Richard

Last week it was all about the FTSE zone upper and lower boundaries.

 

Nb. Our comment from the 07/20/20

 

It is always a difficult transition when we go from one intermediary expiry to another, as the volumes are just not there.

To try and put just a little bit of perspective on it, we are about 20% below where the July expiry was at this same stage, and if you compare August to the last triple, June, then the current expiry is about an eighth of the size.

These are therefore big numbers of underlying open interest we are talking about, that directly translate into the corresponding lack of equity business as a result.

Therefore, to compensate, we quite often see a big increase in sensitivity, again, directly attributable to the lack of activity.

The enormous problem with this though, is when the market suddenly stops being sensitive to Y2, normally due to a big, or impactful, news story, and reverts to the more normal mid R ratios, as these are now a long way away.

August is just such a case, as the distance between the R1 ratios, normally referred to as the Y ratio bandwidth, is 500-points, or 8%.

At least we are in a 5-week expiry, so it has plenty of time, and being just 60-points below Y2, we may well find out quite soon whether or not, it will retain its current degree of sensitivity.

Also, August is generally a quiet month, but as it has been such a strange year already, we are not going to assume that anything will be as it has been.

 

Range:            6250  to  6450        

Activity:          Very good

Type:              Bullish

 

 

Nb. Our comment on 07/27/20

Well if you knew where the ratio levels were, you would have nailed the FTSE last week.

To be more specific, not so much the ratio levels, but rather the zone levels, to be more precise.

Monday the 20th was all about the zone’s top boundary, with the market managing to remain just above it, eventually finishing at 6261.52.

Tuesday was just a rerun, with the intraday low of 6253.90, and the close at 6269.73.

Strike three, on the Wednesday saw it capitulate, the market closing dead centre at 6207.10.

Thursday 23rd saw the intraday high of 6273.63, which was a spike, as the market spent the next three and a half hours camped on the upper boundary, 6250.

The break back through the upper boundary failure, significantly, normally means a test at the other end, and we were duly not disappointed.

Although the absolute rubbish that is published on the FTSE just goes to highlight how they like to mask the facts, as officially the open was 6211.44, the high 6211.44, the low 6099.06 and the close 6123.77.

Only two of those are correct, as the open was nearer 6130, and the high was 6160, for about half an hour.

Changes the whole picture, does it not.

So, in reality, the market gapped down at the open, below the zone’s lower boundary, then went on to test it, for the aforementioned half hour, trying in vain to break back into its zone, and significantly failing.

So, if you knew where the FTSE’s zone was, last week was about as good as you could get.

Means this market is now in bear territory, and please see the table above for the levels you need to know.

 

Range:            5950  to  6150        

Activity:          Good

Type:              Neutral

 

 

 

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Posted in Uncategorized

Jul
24
2020
July 24th, 2020 by Richard

Now the fun can start in the SPX

 

Nb. Our comment from the 07/21/20

 

Well it is certainly a fascinating start to the August expiry, but for not the right reasons.

In the table above, you can clearly see how far Y2 has slipped, and in just one day.

More to the point, this is in just “moderate” activity, and which is “neutral” into the bargain.

And, just like the FTSE, overall, and this is even for a 5-week expiry, activity is abysmal.

In comparison to the last expiry, August is about 20% lower at the same stage, and, in comparison to the last biggie, June, it is about a quarter of its size.

But, even at this incredibly early stage, the ratios are building below the zone and weakening above it, on top of the fact the zone should move to 3195-3205, when, in fact, the zone should have moved, and the ratios should be building on both sides, this early on.

It is all bullish, but please, just be very aware that this index is sitting on top of a 410-point Y ratio bandwidth.

So, it may look good, and the market may look relaxed, and only ever looking to a new all-time high, fuelled by a complacent press, but there is literally nothing, absolutely zilch, supporting this market underneath it, and that is for a massive 12.6%.

Nobody, or nothing, might say “boo”, but that doesn’t mean the risk is not there.

 

Range:            3105  to  3305         

Activity:          Moderate 

Type:              Neutral

 

   Nb. Our comment for 07/24/20

 

At least, after today that is, we will have gotten rid of the “spare” week, and business can get back to normal.

What we mean by this, is that the “spare” week is the fifth week of this expiry, as more usually there are only four, so, more often than not, the extra week, taken at the start of the expiry, not the end, can be bit of a non-entity.

And, looking at the ratios above, especially below the zone, you would be excused for thinking just that.

However, between publications, RI has been up to 2920, and R2, climbed to 2820 and then 2845, before falling back today, to, rather ironically, below where it was.

Also, the activity is slightly misleading, as it has been pretty good, until today, of course.

More importantly, especially as the market is above its zone, the ratios here have continued where they left off, which is still weakening, despite the type of activity.

The market, however, has been happily ensconced in the Y2 ratio bandwidth, until yesterday’s fall.

Annoyingly, we never saw the market test R1, which was at 3305, a level that today, will still be what we call, a step-up.

So, what we said on Tuesday, still holds very true today, insomuch as the zone will move up (probably to 3195-3205), overall activity still pathetic and the Y ratio bandwidth is still a panic-inducing 415-points wide.

Yesterday’s 57-point move is therefore really very benign, as the ratios tell us that 2% to 3% moves are eminently possible, and should be expected.

 

Range:            3105  to  3310         

Activity:          Poor 

Type:              Bullish

 

 

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Posted in Uncategorized

Jul
21
2020
July 21st, 2020 by Richard

Fascinating start to the August expiry for the SPX

 

Nb. Our comment from the 07/20/20 (Not published for the August expiry)

 

Nb. Our comment for 07/21/20

 

Well it is certainly a fascinating start to the August expiry, but for not the right reasons.

In the table above, you can clearly see how far Y2 has slipped, and in just one day.

More to the point, this is in just “moderate” activity, and which is “neutral” into the bargain.

And, just like the FTSE, overall, and this is even for a 5-week expiry, activity is abysmal.

In comparison to the last expiry, August is about 20% lower at the same stage, and, in comparison to the last biggie, June, it is about a quarter of its size.

But, even at this incredibly early stage, the ratios are building below the zone and weakening above it, on top of the fact the zone should move to 3195-3205, when, in fact, the zone should have moved, and the ratios should be building on both sides, this early on.

It is all bullish, but please, just be very aware that this index is sitting on top of a 410-point Y ratio bandwidth.

So, it may look good, and the market may look relaxed, and only ever looking to a new all-time high, fuelled by a complacent press, but there is literally nothing, absolutely zilch, supporting this market underneath it, and that is for a massive 12.6%.

Nobody, or nothing, might say “boo”, but that doesn’t mean the risk is not there.

 

Range:            3105  to  3305         

Activity:          Moderate 

Type:              Neutral

 

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Posted in Uncategorized

Jul
20
2020
July 20th, 2020 by Richard

Plenty of room for the FTSE in the Aug expiry.

 

Nb. Our comment from the 07/17/20 (August expiry not published)

 

Nb. Our comment on 07/20/20

 

It is always a difficult transition when we go from one intermediary expiry to another, as the volumes are just not there.

To try and put just a little bit of perspective on it, we are about 20% below where the July expiry was at this same stage, and if you compare August to the last triple, June, then the current expiry is about an eighth of the size.

These are therefore big numbers of underlying open interest we are talking about, that directly translate into the corresponding lack of equity business as a result.

Therefore, to compensate, we quite often see a big increase in sensitivity, again, directly attributable to the lack of activity.

The enormous problem with this though, is when the market suddenly stops being sensitive to Y2, normally due to a big, or impactful, news story, and reverts to the more normal mid R ratios, as these are now a long way away.

August is just such a case, as the distance between the R1 ratios, normally referred to as the Y ratio bandwidth, is 500-points, or 8%.

At least we are in a 5-week expiry, so it has plenty of time, and being just 60-points below Y2, we may well find out quite soon whether or not, it will retain its current degree of sensitivity.

Also, August is generally a quiet month, but as it has been such a strange year already, we are not going to assume that anything will be as it has been.

 

Range:            6250  to  6450        

Activity:          Very good

Type:              Bullish

 

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Posted in Uncategorized

Jul
14
2020
July 14th, 2020 by Richard

SPX Zone has also moved, now the hard part.

 

Nb. Our comment from the 07/10/20

 

It certainly has been an odd expiry thus far in the SPX.

The zone has been static so far, and at the start of this expiry this index dropped 100-points to go down and visit it.

At the start, Y2 was at 3205, but by the end of June, it had dropped to 3155.

On the 2nd July the intraday high was 3165.81, before it closed at 3130.01, which also served to reverse Y2’s move, as it moved back out to 3180.

This is what caught this index on the 6th July, when the intraday high was 3182.59, and the close was 3179.72.

On the 7th Y2 had moved to 3195, and as you can see in the above table, today it is back to where it started the expiry, 3205.

Sometimes it is worth knowing what has happened, as it always helps to get a feel for where any index is.

The fact that the moves are so small, when all it has to contend with is the very minimal Y1 ratio, shows a total lack of interest and desire, on top of, or resulting in, its increased sensitivity.

Which brings us around to next week, as it is the rollover and expiry, which should get a bit of activity back into this market.

We are expecting the zone to move to 2995-3005, or 3145-3155, so it is where it needs to be for next week already.

However, once a bit of activity kicks-in, then it is still in a 330-point Y ratio bandwidth, so things should start to get exciting.

If history is anything to go by, 3% daily moves would be perfectly normal, as would whipsaw, so brace yourselves and keep those stops tight.

 

Range:            2940  to  3270         

Activity:          Very poor 

Type:              Bearish

 

Nb. Our comment for 07/14/20

 

No surprise, but we have seen the zone move, and it has landed at the expected 3145-3155.

However, where we said “3% daily moves would be perfectly normal”, we haven’t quite seen that, with 1.6% on Friday and 2.73% yesterday.

Although both did have a good whipsaw involved, so, at least that is normal.

Worth noting, is yesterday’s intraday high was 3235.32, as that is where Y2 currently resides.

So, although the market is currently in its zone, or at least on its upper boundary, there is still an awful lot of Y1 ratio around, so don’t expect it to quieten down any time soon. Therefore, essentially, expect more of the same.

In fact, and very probably because of, the zone moving, the ratios have continued to tumble above it.

Of course, this has resulted in R1 slipping 35-points to 3305, which just goes to highlight how much they have receded.

The upshot could actually be, that the zone, hasn’t yet finished its upward migration.

It is, sadly, a by-product, of the dearth of ratios over all, but we could easily see the zone move up again, to 3195—3205.

So, rising ratios below the zone, coupled with falling ones above, all cemented by a rising zone itself, are all bullish signs.

However, there are two caveats to this, and the first is that moving minimal ratios is hardly onerous, so a very weak signal at best, and, secondly, the Y ratio bandwidth is now 360-points, and that is a stupefying amount.

So, a veneer of OK, but huge risks still remain.

 

Range:            3145  to  3155        or        3045  to  3230         

Activity:          Average 

Type:              On balance bearish

 

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Jul
13
2020
July 13th, 2020 by Richard

FTSE Rollover and Expiry and a new Zone to aim for.

 

 

Nb. Our comment from the 07/06/20

 

Well we hope you enjoyed last week, exciting as it was, it actually went absolutely nowhere.

Which is not quite true, as you can see in the table above, it has actually fallen two-points.

Nevertheless, had you been aware of the ratio levels you would have had a wonderful trading week.

Monday the 29th saw the first test of Y2, still at 6250, with the intraday high of 6251.96, with the eventual close at 6225.77.

Then you had to wait until Thursday 2nd July for the next test, with the intraday high of 6258.60.

Friday saw strike three, and naturally, the incursion was a bit deeper this time, with the intraday high of 6262.71, and the eventual close way down at 6157.30.

We think Y2 has done its job now, and three times at that, so we rather doubt it will be as robust again, should it be retested.

Apart from the market’s persistence attacking Y2, it is rather revealing that such a low level of ratio has had such an effect, while at the same time, the market has yet to trouble the other end, namely the top boundary of its zone.

Now we are exactly half way through this expiry, the FTSE needs to test 6050, and if that holds, then it should empower the bulls enough to be able to push through Y2.

There have been big daily moves in this market, 100-points plus every day, and yet still no test of 6050, but three of Y2 at 6250, which says a lot, and that is that it is blinkered, but timid.

 

Range:            6050  to  6350        

Activity:          Poor

Type:              On balance bullish

 

 

 

Nb. Our comment on 07/13/20

 

The third week of the FTSE July expiry was just as exciting as the previous ones.

First up, on Monday, we did indeed get the fourth test of Y2, and exactly as anticipated, it wasn’t nearly as “robust” as it had been, witnessed by the intraday high of 6304.19.

The fact the market didn’t really capitalise on this breakthrough was a worrying sign, and bit of a warning.

For those more familiar with the ratio levels, when one does eventually capitulate, it is normally like a bungee cord breaking, with a resultant leap forward.

Then we had to wait until Thursday before the second part of last weeks comment was fulfilled, with the test of the market’s zones upper boundary, with the intraday low of 6040.26.

Actually, it was quite a revealing test, as it rebounded from that low, to close, in real time, at 6052.46.

It was the auction that took it to the official close of 6049.62.

Then on Friday we saw the intraday low of 6003.19, but as you can see from the above table, the zone is now 6150-6250, so no wonder it didn’t stay down there.

But being in bear territory, courtesy of the zone moving, so by default really, not design, shouldn’t really have that much impact.

Rather, being in the middle of a Y1 ratio bandwidth, should make life a lot simpler, as it should now target the new zone for Wednesday.

As an aside, this also makes 6250 a significant level, again, but just for two reasons now, which might be worth bearing in mind.

 

Range:            5950  to  6150        

Activity:          Poor

Type:              Bearish

 

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Jul
10
2020
July 10th, 2020 by Richard

The SPX Zone will move soon.

 

Nb. Our comment from the 07/07/20

 

Just like London across the pond, here in the SPX it has been all about Y2 as well.

We used to publish daily, and before the market opened, so everyone who took note would know well in advance where the potential speedbumps were.

Back on the 30th June we published Y2 as being at 3155, above the zone, and by Thursday 2nd July, this had not changed.

The intraday high that day was 3165.81, which in truth doesn’t do the battle at 3155 justice, and resulted in the eventual close at 3130.01.

On Monday 6th Y2 slipped to 3180, so we were hardly surprised to see the intraday high of 3182.59, but the recovery towards the close at 3179.72, showed exactly what their intentions are today.

Normally, this would mean, a gap up at the open, to try to leapfrog this particular hurdle.

Ironically, this would not have been necessary, as today, Y2 has slipped further, to 3195.

So, with the market opening easier, this was a lot of unnecessary effort, as it leaves them with it still all to do.

And it is not just Y2 that has slipped above the zone, with both R1 and R2 moving out, giving this market plenty of leeway above it.

Furthermore, the potential for the zone to move up, to 3095-3105, is back on again.

At the end of the day, Y2 should not be that great an impediment, and in truth, the Y ratios are so low they are really only calculated to reveal early signs of directionality, they are so minimal, so bear this sensitivity in mind, as this index still resides towards the top of a 360-point Y ratio bandwidth.

Other than that, it is all looking good, but very thin.

 

Range:            2895  to  3255         

Activity:          Poor 

Type:              On balance bearish

 

 

Nb. Our comment for 07/10/20

 

It certainly has been an odd expiry thus far in the SPX.

The zone has been static so far, and at the start of this expiry this index dropped 100-points to go down and visit it.

At the start, Y2 was at 3205, but by the end of June, it had dropped to 3155.

On the 2nd July the intraday high was 3165.81, before it closed at 3130.01, which also served to reverse Y2’s move, as it moved back out to 3180.

This is what caught this index on the 6th July, when the intraday high was 3182.59, and the close was 3179.72.

On the 7th Y2 had moved to 3195, and as you can see in the above table, today it is back to where it started the expiry, 3205.

Sometimes it is worth knowing what has happened, as it always helps to get a feel for where any index is.

The fact that the moves are so small, when all it has to contend with is the very minimal Y1 ratio, shows a total lack of interest and desire, on top of, or resulting in, its increased sensitivity.

Which brings us around to next week, as it is the rollover and expiry, which should get a bit of activity back into this market.

We are expecting the zone to move to 2995-3005, or 3145-3155, so it is where it needs to be for next week already.

However, once a bit of activity kicks-in, then it is still in a 330-point Y ratio bandwidth, so things should start to get exciting.

If history is anything to go by, 3% daily moves would be perfectly normal, as would whipsaw, so brace yourselves and keep those stops tight.

 

Range:            2940  to  3270         

Activity:          Very poor 

Type:              Bearish

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Jul
07
2020
July 7th, 2020 by Richard

The SPX seems also sensitive to just Y2 Ratio currently.

 

Nb. Our comment from the 06/30/20

 

Actually, you just couldn’t make this up even if you wanted to, as the very day we published, after two very nondescript days, we got a 100-point move.

Furthermore, in the meantime, it has still been all about the ultra-wide zone.

We did notice yesterday however, that, for the first time, the zone begun to resemble the normal width it is today.

Although, the last couple of days of last week, 3000 came into the picture, so the zone could easily have stretched from 2995 all the way up to 3105, and that, most definitely, would have been the widest zone in the SPX ever.

We don’t want to come across as labouring the point, but as this expiry moves forward, it would be well worth remember how very little ratio there was, and, more significantly, where it wasn’t.

But, at least now, a third of the way through, it seems to have made up its mind.

Therefore, there is absolutely no coincidence, that the close yesterday was where it was, right in its zone.

Also, just to underline this, the ratios either side of the zone, have begun to act as if this is where it now wants to be.

The fact that the ratios have now decided, should not lull you into any false sense of security, as this market still has a ginormous Y ratio bandwidth.

And, today, it may well decide upon which side of the zone it wants to be in.

Which is no trivial matter, as below the bears are in control, whereas above, you’ve guessed it, the bulls are in charge.

Whichever wins, it still has a Y ratio bandwidth of 335-points, so really, the fun is just getting going.

 

Range:            2895  to  3230         

Activity:          Good 

Type:              Neutral

 

Nb. Our comment for 07/07/20

 

Just like London across the pond, here in the SPX it has been all about Y2 as well.

We used to publish daily, and before the market opened, so everyone who took note would know well in advance where the potential speedbumps were.

Back on the 30th June we published Y2 as being at 3155, above the zone, and by Thursday 2nd July, this had not changed.

The intraday high that day was 3165.81, which in truth doesn’t do the battle at 3155 justice, and resulted in the eventual close at 3130.01.

On Monday 6th Y2 slipped to 3180, so we were hardly surprised to see the intraday high of 3182.59, but the recovery towards the close at 3179.72, showed exactly what their intentions are today.

Normally, this would mean, a gap up at the open, to try to leapfrog this particular hurdle.

Ironically, this would not have been necessary, as today, Y2 has slipped further, to 3195.

So, with the market opening easier, this was a lot of unnecessary effort, as it leaves them with it still all to do.

And it is not just Y2 that has slipped above the zone, with both R1 and R2 moving out, giving this market plenty of leeway above it.

Furthermore, the potential for the zone to move up, to 3095-3105, is back on again.

At the end of the day, Y2 should not be that great an impediment, and in truth, the Y ratios are so low they are really only calculated to reveal early signs of directionality, they are so minimal, so bear this sensitivity in mind, as this index still resides towards the top of a 360-point Y ratio bandwidth.

Other than that, it is all looking good, but very thin.

 

Range:            2895  to  3255         

Activity:          Poor 

Type:              On balance bearish

 

Available to buy now

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Jul
06
2020
July 6th, 2020 by Richard

The FTSE , timid but persistent.

 

Nb. Our comment from the 06/29/20

 

Exactly as we said, please check above, as our big concern was the proximity of R1, and at the time it was 60-points above the market, but as last Monday finished down 45-points, it made for an even more impressive test on the Tuesday.

On the 23rd, it was a case of the market jumping a hundred points, to the intraday high of 6342.19, to test R1, that made its surprise at finding all that futures selling courtesy of the dynamic delta so effective.

And with so much Y ratio beneath it, it was hardly surprising that the Wednesday was a sea of red.

The fact that the FTSE covered our entire 300-point trading range in just three days is also very impressive, not to mention pleasing.

The intraday low on the 25th was 6029.25, which was a deep incursion below the upper boundary of its zone, and at the time, we thought that it might have been broken.

The only thing that held us back from saying so, was the manner in which it was passed on the day, as it really was just a very long wick on a 5-minute candle, that produced that low, rather than a more prolonged and protracted battle that we would expect.

We have left our trading range unchanged, but we would anticipate the zones upper boundary being tested again, and although this would be strike 2, it must have been badly weakened by that 20-point incursion last Wednesday.

Therefore, we don’t expect much support, some, but not a lot.

Which means, that once in its zone, there is absolutely no ratio at all until the bottom boundary at 5950.

This, is where the real battle will be, we suspect, and if this fails, then below the zone is bear territory, which, we should point out, is where the SPX is already.

 

Range:            6050  to  6350        

Activity:          Moderate

Type:              On balance just fractionally bullish

 

 

 

Nb. Our comment on 07/06/20

 

Well we hope you enjoyed last week, exciting as it was, it actually went absolutely nowhere.

Which is not quite true, as you can see in the table above, it has actually fallen two-points.

Nevertheless, had you been aware of the ratio levels you would have had a wonderful trading week.

Monday the 29th saw the first test of Y2, still at 6250, with the intraday high of 6251.96, with the eventual close at 6225.77.

Then you had to wait until Thursday 2nd July for the next test, with the intraday high of 6258.60.

Friday saw strike three, and naturally, the incursion was a bit deeper this time, with the intraday high of 6262.71, and the eventual close way down at 6157.30.

We think Y2 has done its job now, and three times at that, so we rather doubt it will be as robust again, should it be retested.

Apart from the market’s persistence attacking Y2, it is rather revealing that such a low level of ratio has had such an effect, while at the same time, the market has yet to trouble the other end, namely the top boundary of its zone.

Now we are exactly half way through this expiry, the FTSE needs to test 6050, and if that holds, then it should empower the bulls enough to be able to push through Y2.

There have been big daily moves in this market, 100-points plus every day, and yet still no test of 6050, but three of Y2 at 6250, which says a lot, and that is that it is blinkered, but timid.

 

Range:            6050  to  6350        

Activity:          Poor

Type:              On balance bullish

 

 

Available to buy now

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Jun
30
2020
June 30th, 2020 by Richard

At last the SPX sorts its zone out.

 

Nb. Our comment from the 06/24/20

 

And July is picking up exactly where June left off, with it being all about the zone.

Now, first and foremost, the surprise is that the zone is an astonishing 60-points wide.

Not unheard of, but still, very rare and unusual for it to deviate from the standard 10-points.

There are two reasons for this we believe, firstly that it is taking an age to actually make the transition from where it was back on the 18th, to where we flagged it was going to go, 3095-3105.

Secondly, it is symptomatic and just highlights the fact that there is an absolute dearth of ratio around in this, the July expiry, at this point in time.

The good news, is that the zone continues to climb, or at least, good news in the                       sense this is bullish.

Perhaps bad news for those bulls, is that the Y ratio bandwidth, stretches from 2820 all the way up to 3305, which is practically 500-points.

For those that remember “normal” markets, the amount of times this index went up, or down, to the nearest R levels, then traversed the entire Y ratio bandwidth, to eventually reverse again to end near its zone, what we used to call “a roundtrip”, was very common indeed.

Normally, this would result in 5% to 10% over the course of an expiry.

But were this to happen today, then just the 500-point leg alone is equivalent to 16% almost, and that is madness.

Basically, the last two days have been amazingly timid, as 100-point moves, minimum, here, should really now be expected.

 

Range:            3105  to  3305         

Activity:          Average 

Type:              On balance just bearish

 

 

Nb. Our comment for 06/30/20

 

Actually, you just couldn’t make this up even if you wanted to, as the very day we published, after two very nondescript days, we got a 100-point move.

Furthermore, in the meantime, it has still been all about the ultra-wide zone.

We did notice yesterday however, that, for the first time, the zone begun to resemble the normal width it is today.

Although, the last couple of days of last week, 3000 came into the picture, so the zone could easily have stretched from 2995 all the way up to 3105, and that, most definitely, would have been the widest zone in the SPX ever.

We don’t want to come across as labouring the point, but as this expiry moves forward, it would be well worth remember how very little ratio there was, and, more significantly, where it wasn’t.

But, at least now, a third of the way through, it seems to have made up its mind.

Therefore, there is absolutely no coincidence, that the close yesterday was where it was, right in its zone.

Also, just to underline this, the ratios either side of the zone, have begun to act as if this is where it now wants to be.

The fact that the ratios have now decided, should not lull you into any false sense of security, as this market still has a ginormous Y ratio bandwidth.

And, today, it may well decide upon which side of the zone it wants to be in.

Which is no trivial matter, as below the bears are in control, whereas above, you’ve guessed it, the bulls are in charge.

Whichever wins, it still has a Y ratio bandwidth of 335-points, so really, the fun is just getting going.

 

Range:            2895  to  3230         

Activity:          Good 

Type:              Neutral

 

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