DJX 300-pt bounce off zone boundary, NDX activity and SPX this sensitive, or not? Today’s ratio table, levels and comment.

SPX , NDX & DJX Ratio Table 29th June 2018




It is still all about the respective zones, and here in the SPX there are now the only one still below theirs and therefore in bearish territory.

The trouble is that now this index is faced with the proverbial double-edged sword, as their zone is indicating a drop to either 2720-2730 or 2695-2705.

So, as things stand, the market is in the middle of these two, but either way this means it is a lot closer to the position the other two are in, but the problem is that it would means a falling zone, which in itself is very bearish.

More importantly, this index has yet to test any R ratios, so at the moment it is wandering aimlessly around in a troubling persistently wide Y ratio bandwidth, and that is never good.

Worth pointing out that Y2 was 2690, now 2695, and yesterday’s low was 2691.99, so maybe it is this sensitive and that is all it needs this trip.


Range:            2655 / (2695)  to  2745

Activity           Moderate

Type:              On balance only just bearish





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No change in any of the NDX’s ratios, but to be fair it has all been about the zone here as well.

On Wednesday it had a tremendous bounce off their zones bottom boundary, hitting the intraday low of 6968.30, which was made all the more impressive as that was absolutely minimal drawdown from 6975, especially considering the momentum that had built up as this was at the bottom of a 160-point collapse.

This market did get as low yesterday as 6950.23 (the next level down being a multiple of 25) before taking full advantage of both the DJX and the SPX.

It evidently didn’t take very much encouragement at all to stimulate the bulls, and the fact that it closed 6-points above the upper boundary should also be noted.

The other very noteworthy development is the level of activity, which hasn’t changed the ratio dynamic as such, but certainly changes the environment, and we can’t stress enough how significant the return of one, or perhaps more, big players to the arena actually is.


Range:            6975  to  7025        or        7025  to  (7275) / 7375

Activity:          Outstanding

Type:              Bearish




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The DJX is certainly the index that is calling the shots at present.

Yesterday couldn’t have been a more precise test of the bottom boundary of this indexes zone, hitting the intraday low of 23997, and judging by the immediate reaction and subsequent 300-point bounce they really didn’t want to drop into bearish territory.

This, more likely than not, is what helped the SPX to bounce off their Y2 level, so that index may not be as sensitive as yesterday implies in isolation.

At the end of the day this index has a quite staggering, and unique, 1000-point zone to play in, so despite rather decent levels of activity, truly anything can happen here.


Range:            24000  to  25000

Activity:          Very good

Type:              On balance bearish




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June 29th, 2018 by