SPX , NDX & DJX Ratio Table 10th Jly 2018
For the SPX it has been about its zone, and more importantly the fact it was below it while the other two basked in bullish territory.
So, we hope you noticed the impressive battle this index had with their bottom boundary at 2745 on Friday.
If that wasn’t attention-grabbing enough, then when it broke the immediate jump to the upper boundary in just minutes should have been.
Obviously, Y2 below the zone was enough to turn things round, but don’t forget it had help from the other two, whereas Y2 here, above the zone, is bit of a lone voice, and, after all, it is just a Y ratio.
However, zipping up through Y ratio is what we expect, so it is hardly proof of any great commitment, that will come when it squares up to a decently robust R1 at 2805.
Range: 2755 to 2805
Type: On balance only just bearish
For sheer entertainment value the NDX definitely gets the prize, and also the one for behaving exactly how it should in these conditions.
This index has already tested what we refer to as a “step-up” (in ratio as in) level this expiry, which was 7275 and the closing high was 7280.70, being only just superseded by yesterday’s close.
Nevertheless, the step-up level remains, however the big difference this time is the return of the big player(s) we commented on the 29th June.
Apologies, as we didn’t spell it out, but for those who have been around when this last happened, this is a rather typical reaction.
However, it does mean so far in this expiry, or the last three weeks, the NDX has from this level, 7275, although the high was just above 7300, been down to the bottom boundary of its zone (closing low 6969.67) and now back up.
This is an absolutely staggering 600-points, or 8.25%, so no doubt about its entertainment value, although stability not so much.
Range: 7025 to 7325
Activity: Very poor
It seems difficult to remember that not that long ago the DJX was testing the bottom boundary of their zone, with the intraday low of 23997 (28th June).
The zone, which incidentally, has remained at its unique and most impressive gargantuan width.
Screaming back to the present and here we are just a couple of hundred points away from its upper boundary.
Bit of an editor’s note here but pay close attention should this index get anywhere close to its upper boundary at the same time the SPX approaches their R1.
Anyway, the point is the DJX’s upper zone boundary is close now, and after that it quickly escalates in ratio in what we would call normal increments.
Range: 24000 to 25000
Type: Not bullish