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


And decide the SPX certainly did with the help from certain results putting in the sort of day that is all too rare nowadays.

It was still less than 1% and these moves were commonplace just last year.

Anyway, it finished the week where it went at the start but with a high of 2582.98 there is no doubt this was a test of Y2, and the close above it is significant, making the open critical.

Activity suggests that involvement was reluctant at best but at least the market is now challenging some ratios so this should stimulate something or someone we hope.


Range:            2555  to  2595

Activity           Moderate

Type:              On balance only just bearish


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Well we certainly got that one wrong as we were still crunching the derivative numbers in the NDX when the results were coming out on Friday.

In our defence we only look at the derivatives so this is not something we would take into account anyway, so when this index opened up 100.36-points at 6138.23 it blew our target of Y2 below the zone right out of the water.

Immensely ironic the close was actually right on Y2 above the zone, so it galloped all the way up through Y1 without a care.

It is a shame the DJX didn’t put on just a few more points than all 3 would be on their Y2 ratios, but this makes here and the SPX’s opens crucial.


Range:            6100  to  6200       or       6200  to  6300

Activity:          Very strong

Type:              On balance bearish


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Very unlike the DJX to play second fiddle but that is exactly what it did on Friday.

So much so in fact it never even went close to a test of Y2 at 23500 only managing to get as high as 23449.

There are no changes to any of the ratios and little activity so it is just a wait and see situation here.

Although, it may be wise to remember that they are in an 800-point Y1 ratio bandwidth should a bit of volatility return, let alone normality.


Range:            22700  to  24000 

Activity:          Moderate

Type:              Bullish


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October 30th, 2017 by