SPX , NDX and DJX today’s levels, table and comment

SPX , NDX & DJX Ratio table 2nd Jan 2018



Our last coverage of the SPX was December 22nd and despite it being open for the 4 days over last week it has only moved 10-points, the close that day being 2683.34.

It is the ratios that have moved more importantly and it should come as no surprise that the NZ is now 2670-2680.

The ratios have filled in considerably below the zone and have essentially remained static above it.

However, nice though that it is, that it parked itself over the New Year in neutral, the real issue is the next 3 weeks of this expiry and with the R ratios still 100-points apart it will not be dull.


Range:            2670  to  2680

Activity           Average

Type:              On balance only just bearish



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Since we last covered the NDX very little has changed, the most obvious being the appearance of R2 below the zone.

However, on both sides, there have been considerable improvements in the R1 levels but at the end of the day there is still an enormous amount of Y1 ratio present.

We did mention 6475 was a significant step-up level for us and on Friday 22nd they closed at 6465.17 having peaked at 6467.83 which was bit of a defining moment for us.

From here on in it is a blank page as there is still 400-points of Y1 ratio so it could go anywhere as there is virtually no ratio there to act as a brake, in either direction of course.


Range:            6325  to  6525

Activity:          Average

Type:              On balance only just bearish



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Our last comment in the DJX was to watch out for Tuesday 26th as the US markets were open when virtually everyone else was closed, so it would have been a perfect opportunity for an assault on 24900.

As it happened it was a rather boring day and we had to wait until Friday before they felt brave enough for another crack at it, this time getting as high as 24871, which was not quite as high as the last time, when it achieved 24876.

For us this is the elephant in the room and will be the defining moment for this expiry, either they break through or the wall is just too high, but it wouldn’t be there in the first place if the expectation or desire wasn’t, and that is really a lot of expectation and desire.


Range:            24700  to  24900 

Activity:          Average

Type:              On balance bullish



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January 2nd, 2018 by