SPX becalmed, NDX now up to Y2 and DJX back in its zone, today’s ratio table, levels and comment.


SPX , NDX & DJX Ratio Table 4th June 2018





The SPX continues to surprise, but now it is not just the amazing amount of Y ratio still present, but rather how timid it is being.

Sure, the zone has moved from 2695-2705 to this level, but between these two points has pretty much captured the entire price action so far this expiry.

In fact, on the first day of this expiry this index closed at 2733.01, so it has literally gone nowhere in two weeks.

Absolutely no problem with this but just be aware that it is a triple so it could very easily cut loose at any stage.


Range:            2730  to  2755

Activity           Poor

Type:              On balance only just bearish





The NDX is quite simply ignoring the other two and just getting on with its own thing.

And as none of the ratios have changed this means taking full advantage of the impressively wide Y1 ratio bandwidth, as we have seen so often before here.

The low so far this expiry has been 6846.94, which was very close indeed to the upper boundary of its zone, otherwise it is now attacking Y2, as it should.

They have at least been adding a swathe of strikes so there is some derivative interest, which sadly has not yet translated into activity, but fingers crossed.


Range:            6825  to  7075        or        7075  to  ….

Activity:          Poor

Type:              Neutral




The DJX has certainly been a lot less boring than the SPX.

The first two days saw it attack Y2 at 25100 with highs of 25086 and 25064, and then by the end of that first week was all about the bottom boundary of its zone.

As one can see this is at 24600 and the low on Thursday 24th May was 24605.

Last week, after the holiday, it was all about getting back into its zone, and evidently it didn’t like being in bear territory.

Friday saw it close back inside, so if it gets a good start today it has a decent amount of zero ratio to take advantage of. 


Range:            24600  to  24800

Activity:          Poor

Type:              Neutral

June 4th, 2018 by