Yesterday in the NDX it was actually a Y1 ratio bandwidth test.
Of course, as well as our trading range, but the high was 6835.79, Y2 was at 6825, and the low was 6719.11, and the top of the NZ was 6725.
This means there should be a breakout today, which judging by the overall disposition of this index over the course of this expiry does not bode well for it being in its zone today.
The ratios are stronger below the zone and weaker above it, but it looks like this index is going to go all the way to the expiry now, but well done for even getting close.
Range: 6725 to 6900
Activity: Very good
Type: On balance only just bearish
At least they are not ignoring Feb anymore, but the level of activity is slightly deceiving as the benchmark is so low, obviously because of being ignored.
So, it still has a very long way to go, but it has to start somewhere.
The NZ has risen to 6575-6625, again a start but still way below the current market.
However, we do see Y2 appear above the zone, which just highlights how much Y1 there is, and so ample opportunity for the zone to carry on adjusting.
Range: 6625 to 7025
Type: On balance bullish