SPX Feb to Mch Rollover, in both 2645 critical

SPX Feb to Mch Rollover 13th Feb 2018

The SPX has managed a tremendous recovery but it looks like this expiry is going to go down to the wire, or the expiry on Friday, depending on how one looks at it.

Worth noting in our last table DR was 2545, down from 2565, and that was on 8^th Feb so by that fateful Friday it would have been around 2535 (expiry low 2532.69) because as one can see a further 2 days on it is now 2515.

Today 2645 is a key battleground, as below it slips back into the R ratios whereas above it at least has a chance of reaching a compromise should the zone, as we would expect, drop.

Range:            2645  to  2745

Activity:          Average

Type:               On balance just fractionally bearish

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The most obvious clue March is giving us is that here the zone has already moved.

2695-2705 is eminently more achievable of course, but just as a rising zone is the hallmark of a bull market so a falling one is symptomatic of a bear market.

Still early days and one move during the rollover is hardly conclusive, but it is still certainly worth keeping an eye on.

The other aspect to make note of is that DR below the zone is not until 2495 here, but more importantly the R ratios start at 2645 here as well, so a doubly important battleground it seems.

Range:           2645  to  2695

Activity:         Average

Type:              Neutral

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