SPX about Y2, NDX about 6475 and DJX about its zone, today’s levels, table and comment


SPX , NDX and DJX Ratio Table 21st Dec 2017



It seemed a lot quieter in the SPX yesterday but it was actually quite a significant day.

How significant depends on today really but the fact it went as low as 2676.11 and more importantly closed below Y2 at 2680 means it is back in the Y1 ratio bandwidth, albeit only just.

It is a case of feeling the levels out by the market as it is still probably a little shell-shocked from Monday, but it will soon realise there is precious little ratio here or even near.

We are still anticipating a move in the NZ and by tomorrow it should be 2645-2655 but 2670-2680 is also looking promising.


Range:            2605  to  2705

Activity           Strong

Type:              On balance bearish



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At least activity has picked up in the NDX but please don’t forget the bar is so low it is very flattering.

Nevertheless, it has created R12 on either side of the zone, although they are so far away as things stand they are for decoration only.

If this market hadn’t started so manically, and don’t forget Y2 was at 6475 at the start of this expiry, we would be calling 6475 the step-up level within the Y1 ratio bandwidth, so just like the SPX where this index closed is significant but not as much as what it does today.


Range:            6325  to  6525

Activity:          Very strong

Type:              On balance bearish



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On the surface the shift in the DJX’s NZ is just a realignment within some very weak Y1 levels and no real surprise.

However, it could just come back to bite as where the market closed in now just above the upper boundary.

This is where what we said yesterday may come into play, that the bulls have used the support from this level to reinvigorate themselves.

But a point it may well be worth noting is that the Y1 ratios are so very weak here that the NZ could in fact stretch from 24300 to 24700, so if it does break back below and into its zone it might just find the carpet has been snatched away.


Range:            24500  to  24700        or        24700  to  24900 

Activity:          Moderate

Type:              On balance bullish



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December 21st, 2017 by