SPX , NDX and DJX remarkably all near their zones on expiry despite the distance travelled, today’s ratio table, levels and comment.

SPX , NDX & DJX Ratio Table 23rd April 2018

Once the expiry was out of the way, and for the SPX this was 2693.40, so close enough to their zones bottom boundary (1.6-points, 0.06%) as to not make that much difference, the reason for it being there seemed to vanish.

Therefore, it was quite a drift off which does not instil early bullishness for May, however we have to mention our delta ratio indicator is at 48.6% which is bullish.

Whichever way it does decide though it won’t be gently, as the Y ratio bandwidth alone is still a massive 160-points, so it could pick up quite a head of steam.

Range:            2635  to  2695

Activity           Average

Type:              On balance only just bearish

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The April expiry in the NDX was truly remarkable as it went all the way down to Y2 at 6325 (low 6322.60) which was a fall of 700-points and then on rollover Wednesday it was just 8-points above its zones upper boundary, and we were more than happy with that.

However, the expiry was 6752.78, which was just 22.22-points below its bottom boundary, or 0.33%, so we are even more pleased with that.

The overriding issue here was the May zone, which is unchanged, but it was always 200-points below April’s, and that sort of divergence means either it or the market has to adjust.

The Y2 ratios on both sides have come in considerably but same as last expiry, just hang on as there is still a 1000-point Y1 ratio bandwidth. 

Range:            6625  to  7125

Activity:          Very strong

Type:              On balance only just fractionally bullish

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When we last looked at the DJX (17^th April) the zone for both April and May was 24400-24600 and we have no way of knowing when May’s changed, but the expiry at 24659 suggests April’s didn’t budge.

This meant it was just 59-points or just 0.24% above its upper zone boundary, which like the SPX is close enough and in minimal levels of ratio, especially as one has to appreciate they were both caught on different sides so were both experiencing apposing influences.

It is a strange set up as it stands in May, and what stands out for us is the level of activity.

The other main aspect is again a huge Y ratio bandwidth that here stretches for a staggering 1900-points.

The bullish aspect however is that the R ratios start, and are then close together, at 24100, so not that far away.

Range:            24100  to  24600

Activity:          Very strong

Type:              On balance only just fractionally bearish

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