NDX Rollover, today’s ratio levels, table and comment

NDX Rollover Aug to Sept 18th August 2017

As we said yesterday in the NDX “if nothing has been done then it is a bit like Russian roulette but if everything has been offset then this index is as potentially vulnerable as the other two with a main prop of support being removed.”

So let us hope they have been at least offset as the activity suggests they haven’t been closed.

Once again in the grey area on expiry with the second biggest expiry looming large on the horizon and it gets volatile, which really shouldn’t come as a surprise.

However it is just as well this expiry is ending as the ratios below the zone have been decimated, but at least it’s not too far now to R2.

Range:            5725  to  5875 

Activity:          Average

Type:              Bullish

Also not long now until this expiry becomes the front month or Alpha expiry, so it is good we are seeing a bit of movement in the ratios.

Below the zone both R1 and Y2 move in a bit and we see R3 appear for the first time, not a lot to be fair but at least it’s a start.

It is unlikely that in a triple expiry any index will be sensitive to Y2 but it is worth noting that even if this one was there is still a massive 350 point Y1 ratio bandwidth.

Range:            5675  to  5875                    

Activity:          Very strong

Type:              On balance definitely bearish