Looks like SPX vs. DJX which had a bandwidth test yesterday, today’s levels, table and comment inc. NDX .


SPX , NDX & DJX Ratio Table 28th Feb 2018




It has been a week since we last published the SPX ratios, and surprisingly little has changed.

Below the zone (which itself is unchanged), as that is the simplest, although it has strengthened it is not by much, and let’s face it, it had plenty of scope, and still no B ratios, which for a triple is a bit weird.

Above the zone they are very weak, in fact not only do we now see Y1 but this also means the distinct possibility of a rise in the zone.

The market is back into the Y ratio bandwidth so expect volatility, and the break out of its zone was only last Friday, so it’s not really that aggressive, and with the high (so far) this expiry of 2780.64 it seems to be having difficulty with just R1, but early days still and if no shocks from the other two this index is looking very bullish.


Range:            2705  to  2765

Activity           Poor

Type:              On balance only just bearish



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The NDX seems almost forgotten about this trip as there has been absolutely no change in the ratios at all over the last week.

The fact it was in its zone, and also like the SPX, breaking free last Friday, and it has already been above Y2 at 6875, incidentally on the same day, means there is nothing left for it to be sensitive too.

The fact it has remained totally unchanged and yet has produced the highest activity of all three is more than likely because of the fact there was so little there from the start, but nevertheless it looks like a straightforward fist fight between the other two.


Range:            6875  to  ….

Activity:          Average

Type:              On balance only just bearish



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The DJX in total contrast has been very busy on the ratio front over the last week, and the one most likely to rain on the SPX’s parade.

Today is critical because as you can see the market closed right on R1 at 25400.

Incidentally the high yesterday was 25800, which is no coincidence.

The massive change here is that the zone is back down to 24400-24600, so where the market sits now is right on top of a Y1 ratio bandwidth that stretches all the way down to the zone.

Seriously big decision for this index now, and one that will affect the others no doubt.


Range:            24600  to  25400        or        25400  to  25800 

Activity:          Moderate

Type:              On balance bullish



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February 28th, 2018 by