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

That was not very aggressive at 2505 by the SPX at all yesterday even though it did get as high as 2508.32.

Nevertheless it has worked as it has certainly stimulated activity but what is more interesting is the type, although this sadly does not paint a directional picture.

Needless to say the ratios are firmer on both sides with almost everything above the Y’s coming in to a greater or lesser degree.

Having reacted to Y2 yesterday it reveals a greater degree of sensitivity than in the last expiry, but please remember it is still just a minimal Y ratio and that is strike 1.


Range:            2480  to  2515

Activity           Very strong

Type:              On balance just fractionally bearish



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It was one of those unanswered question days in the NDX yesterday for us.

Basically the high was 6012.95 and the low was 5963.17 both of which were 13 points away from significant ratio levels.

Up above is the step-up level we mentioned at 6025 where at the other end is the upper boundary of their NZ.

Were they touches or not and at this stage we are going with the “or not” although had either been just a few points closer it would be a different story.

Also decent activity here but not enough to alter the ratio landscape sufficiently.


Range:            5950  to  (6025) / 6125

Activity:          Strong

Type:              On balance bearish



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No surprise at all that the DJX was the star performer yesterday as it was the only one with no ratios to worry about, being in the middle of a wide Y1 ratio bandwidth.

Activity has reverted to more usual or normal levels and there are no changes in any of the ratios.

However it is worth remembering the high level of bullish activity from Monday as it hasn’t gone away.


Range:            21900  to  22500 

Activity:          Moderate

Type:              Neutral


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September 19th, 2017 by