SPX 1st or last week , NDX brutal and DJX strike1, today’s levels and comment


If one is a bull then you couldn’t paint a better picture in the SPX, although this is truly unprecedented, as this degree of exuberance is normally associated with the last week of an expiry not the first few days.

Yesterday it opened at 2685.92, up 10.11-points, which put it above R1 at 2685 from the very start, and as this was also the low it really was motoring.

Today R1 is back above the market, we will see if this still remains the case after the open, but with this and Y2 slipping to 2680 should give one a feel for how weak the ratios are above the zone.

Which in itself has been left back in the changing rooms, so movement to come here shortly as well no doubt.


Range:            2605  to  2695

Activity           Average

Type:              On balance only just bearish



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Brutally aggressive from the start for the NDX is the only way we can describe it.

The open was up 38.57-points at 6504.89 which put it above Y2 at 6475, and where it remains today.

The only saving grace is if this market is in an uncomfortable level of ratio the range, based on the open, would be 25-points.

In this instance 6500 to 6525, and as it happens the low was 6495.18 and the high was 6522.70, so there is a degree of normality in there somewhere.


Range:            6475  to  ……

Activity:          Moderate

Type:              Bullish



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Strike 1 for the DJX.

When we first highlighted the anomaly in this expiry, back on the 11th December, we mentioned what the obvious target would be.

Admittedly we didn’t think it would hit it on day 1 of the expiry, the high being 24876 yesterday, but also don’t forget the previous day’s close (from our original mention) was 24329 so it still had almost 600-points to go, or 2.5%.


Range:            24500  to  24900 

Activity:          Good

Type:              On balance bullish



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December 19th, 2017 by