Ratio levels and comments SPX, NDX & DJX

Friday for the SPX was all about seeking refuge, a chance for a re-evaluation as it were.

It gaped up a rather impressive 9.5 points right to 2429.20 which is also the top boundary of their NZ, the high of 2432.71 came later in the day and after the low of 2421.65, which is very close to a test of the bottom boundary.

Therefore for almost the entire day it spent inside its zone, so hopefully it will have come to a decision as it has now twice tested and twice closed in bear territory so it knows where that is now.


Range:            2420  to  2430

Activity           Very poor

Type:              On balance only just bullish




The NDX was basically a carbon copy of the SPX, the difference here is that activity was very high indeed at the end of last week and this historically suggests an agenda or view that is normally not static.

Anyway the open was up 23.38 points at 5676.40 also right on their NZ’s upper boundary, the high was 5681.90 and the low was 5637.74, which was similarly not quite a test of the bottom boundary, but again almost all day inside their zone.

The only other difference is here it has been below its zone into bear territory, once, but has yet to close below it.


Range:            5625  to  5675

Activity:          Very poor

Type:              Bearish




Rather surprisingly the DJX is the odd one out as it only managed a 61 point gap up at their open which only took them into the bottom quarter of their NZ.

In their defense they do have a 200 point wide zone so it is the widest and if the others are being restricted to a tight range it provides very little opportunity here.

However with a high of 21426 and a low of 21325 this index did spend all day inside its zone.

Y2 below the zone has moved up slightly and above the zone it has also improved marginally and we see R1 again.


Range:            21300  to  21500 

Activity:          Very poor

Type:              Bullish

July 3rd, 2017 by