NDX wins the prize in Jly, Aug perhaps not so easy, today’s ratio rollover table, levels and comment.

NDX July to Aug Ratio Rollover Table 18th July 2018

The NDX is as true to form as you can get this expiry.

At the start we had those intraday highs circa 7300 that had so much fun and games with our step-up level at 7275, and in fact the closing high at that point was 7280.70.

It then had that fantastic bounce off its zones bottom boundary, which was then at 6975, and, importantly, this was the day before the DJX hit theirs.

It could so easily have been an entirely different story here had the DJX and SPX not come to its recue the next day, but then that’s the way it works sometimes.

The return of the big player(s) later on sealed this index fate and for the last week or so it has been marching along behind a retreating Y2 just swallowing up all that newly vacated space, which is just so very typical.

 Range:            7225  to  7425

Activity:          Moderate

Type:              On balance only just bearish

Looking ahead to August and we are the first to admit the ratios should really be monitored daily, especially at this particular juncture, but even more so for this index.

So, as it stands, please note the zone here is below July’s and the other main aspect is Y2 above the zone is very close to the current market.

 It is a nicely compact expiry, at least so far, and by which we mean not too many additional strikes, but it is also back to the more normal 4-week cycle, so the real defining moment may well be if, or when, the big players decide to come back in.

Range:            7125  to  7475                    

Activity:          Average

Type:              Neutral