DJX 3rd impressive bounce off R3 at 23800, SPX take note plus NDX, today’s Ratio Table, levels and comment.


SPX , NDX & DJX Ratio Table 2nd May 2018




It hasn’t really been down to the SPX lately, but when the DJX needs a friend it will be well worth your while taking note of the ratio levels here.

Firstly, there has been no change in the Y ratio bandwidth, so that remains at 150-points, so still acres of room to move in, and this is only going to get more apparent.

Secondly, 2645-2655 is still looking very likely to be the next zone, which would make it the second bearish move down.

Although the Y ratio has not moved below the zone, 2595 is now R2, so a solid line of support as that is quite a jump up in ratio, which don’t forget are exponential.


Range:            2595  to  2670

Activity           Moderate

Type:              On balance bearish



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Neither of the other two are going to get much help from the NDX which remains critically underdeveloped.

The main change is the zone now stretches from 6550 all the way up to 6625, which is symptomatic of such low levels of ratio.

Therefore, we should perhaps mention the “step-up” levels, while at the same time cautioning to remember that this is still within the minimal Y1 ratio.

These are 6275 below the zone and 6750 above it, so still plenty of scope to continue with the 2% daily move days.


Range:            6625  to  7000

Activity:          Moderate

Type:              On balance only just bearish



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Coincidence the DJX finished right on R1, we think not.

Coincidence this is the third 200-point + bounce off R3 at 23800, again we think not.

For the record on the 24th April the low was 23828, the next day 23823 and of course yesterday 23808.

So, it still remains all about the DJX, but will this time be enough?

We hope so as that was strike 3, so it has already beaten expectations, but more importantly it is just holding on to being R3 by the skin of its teeth, and if it does get breached then 23600 would be the next ratio support level.

If it does prove sufficient then there is no denying there is plenty of upside.


Range:            23800  to  24600

Activity:          Average

Type:              On balance bearish



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May 2nd, 2018 by