DJX perfect and predictable Mch, today’s table, levels and comment inc SPX and NDX.


SPX , NDX & DJX Ratio Table 21st Feb 2018




We last looked at the SPX on Tuesday 13th and in the March expiry surprisingly little has changed, but of course they were closed on Monday.

Nevertheless, below the zone its unchanged whereas above the ratios have all strengthened.

The main stand out aspects of this expiry at the moment are that there is an awful lot of Y ratio still present for a triple witching, and that how uniform they are either side of the zone.

All staggeringly neutral and unopinionated not to mention a tad boring.


Range:            2705  to  2755

Activity           Moderate

Type:              On balance bearish




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Slightly remiss of ourselves as we last looked at the NDX on the 8th February, and so not at all over the rollover and expiry period.

We normally publish our ratio table before the market opens so all we can say is that in the Feb expiry in this index R2 was at 6375 on 6th Feb and the market having given up 264.37-points the day before to finish at 6495.92 went as low as 6370.48 before finishing that day ay at 6665.98.

Then on the 8th Feb R2 had fallen to 6175 and the day after on the 9th the expiry low was 6164.43.

As one can see March is still very underdeveloped so hopefully it will return to being sensitive to Y2, but as it stands it is safe within its zone.


Range:            6775  to  685

Activity:          Average

Type:              Neutral




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Our last look at the DJX was on Wednesday 14th when it had just closed at 24640 the day before and we mentioned it would actually make for the perfect expiry if it got back to its zone (25000-25200) by Friday.

On Friday the expiry was 25167 which was plain and simple the icing on the cake.

It closed at 26071 on the last day of the Jan expiry, and in the Feb expiry it went up to B1 at 26600 on the 26th Jan with the high of 26616, then plummeted all the way down to DR at 23800 on the 6th Feb with the low of 23778, but please note 23800 was B1 just the day before.

So, 545-points up to B1, 2838-points down to the corresponding B1 followed by a recovery of 1389-points to expire in the zone.

An awe-inspiring round trip of 4772-points or 18.3% and all within a single 4-week expiry, marvellous.

Looking at the table above for this expiry, and March is the first big one of the year, and it only goes up to R2, so dare we speculate we are back to normal?


Range:            24300  to  25100 

Activity:          Good

Type:              On balance bearish




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February 21st, 2018 by