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

No changes in the SPX ratios today but at least we have seen the return of more usual activity.

Again today 2420-2430 is looking less likely to assume the NZ mantle but it is still a threat and until this is decided we can’t see this huge bandwidth of Y ratio below the zone changing.

Including all the Y ratio this bandwidth is still 75 points and to put that into perspective in a normal triple expiry we consider ourselves lucky to see any, particularly in the two huge ones, Sept & Dec.

So when it starts waking up this index will really motor.


Range:            2410  to  2470

Activity           Moderate

Type:              On balance only just bearish



And in one fell swoop the NDX changes sides and joins the DJX in being above their respective zones and therefore into bullish territory, although it may take another day or so for this to be realised.

This is because the NZ has indeed changed but out of the three this has holding up their activity levels so this always helps.

However this doesn’t really change too much as the market is still in a huge Y1 ratio bandwidth, so really we should be getting 1% + daily moves.

Although one very significant change is that it catapults 5825 into the limelight making it a very significant level, in the exact same way 21600 is to the DJX.


Range:            5825  to  6000

Activity:          Very strong

Type:              On balance bearish



Again no change in any of the DJX’s ratios although that is no surprise considering the activity didn’t manage to even creep onto our scale.

Again there is an awful lot of Y ratio present in this index for a triple expiry so as and when it gets agitated it will move.

Perhaps worth reminding that Monday saw a solid bounce off 21600, but if that level gets tested again and breaks then there is 200 points of no ratio at all below it.


Range:            21600  to  22400 

Activity:          Did not register

Type:              N/A

August 25th, 2017 by