Exceedingly expensive expiry SPX , NDX and DJX .

In a break with our normal rollover charts at this point in the expiry we have reverted back to the more usual three together.

Why? Because we were intrigued to see just how expensive this expiry was going to be.

The answer. Exceedingly.

Interestingly the intraday low yesterday in the SPX was 2441.18 and 2445 is still DR, and pretty much the only level not to change.

Not much point in any comment, but what is noteworthy is the activity has been very impressive even for an expiry, and the end result is the “biggest of the big” expiries most certainly gets the record as the biggest on record.

And in a further twist, the ratios, rather than falling off below the zone, as we would expect in these circumstances, have actually come in, or strengthened, bizarrely.

Also, it is alone as the only one still to be inside a ratio bandwidth, the others being below the hindmost.

Range:           

Activity           Moderate

Type:              On balance only just bullish

We haven’t actually calculated the rollover in the NDX, but as we said previously, and on many other occasions; “Boy, we bet they are glad they chose the biggest of the big expiries to implement this “overhaul”, not.

Nevertheless, it still hasn’t stopped them adding countless more unnecessary strikes”.

This view on the overhaul holds true across all three btw.

The NDX, just like the SPX above, has also seen its ratios below the zone come in, or strengthen, which just adds to the pain really.

Range:           

Activity:          Moderate

Type:              Neutral

For the DJX the most noteworthy aspect is that the zone was just a smidgen away from being 23900-24100.

This doesn’t change anything really, but suffice it to say the intraday high on Thursday was 24057, so it wasn’t for want of trying.

Nevertheless, and as we said, 23600 was the critical level, so the warning signs were definitely there.

Although, here, the ratios have reacted as we would expect, but again this doesn’t change anything.

Range:           

Activity:          Poor

Type:              Bullish