DAX still too much Y ratio, even worse in May, today’s rollover table, levels and comment.


DAX Apr to May Ratio Rollover Table 18th April 2018




On Friday in the DAX we did stress the zone could end up anywhere within the Y1 ratio bandwidth and just to underline that point today it is back to the level it spent the first two weeks of this expiry at, 12350-12450.

Whether this is its last move we will just have to wait and see, although with the strength in the ratios displayed below 12150 we suspect anything further will be from this point up.

This, of course, does not exclude a move higher from where it is as the ratios are significantly weaker above the zone as well.

At the end of the day it still has a 1000-point Y ratio bandwidth, which is actually bigger than the SPX’s, and that’s how extreme this is.


Range:            12450  to  (12650) / 12750

Activity:          Moderate

Type:               Bearish



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Even taking into account this index is a slow starter, and the fact it is a rollover from one intermediary into another, the ratios levels in evidence are still dire.

Although there is a slight discrepancy in the zones the fact there is so little ratio in the Y1 ratio bandwidth means this is not that significant.

However, what is significant is the fact there are no R ratios at all below the zone as when April started R1 was at 11750 (nb. The March expiry closed at 12389) and the two lows were 11726 (26th March) and 11770 (28th March).

There is still a bit of time and it is back to the more normal 4-week cycle but no doubt it is looking vulnerable in the May expiry as things stand.


Range:           12350  to  (12650) / 12900

Activity:         Average

Type:              Neutral



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April 18th, 2018 by