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


It’s debateable whether the high in the SPX of 2578.29 yesterday was another test of Y2, we happen to think not mainly due to the lack of urgency evident at the time.

However, it is still on strike 2, it is still only a minimal ratio after all and most important of all it has slipped to 2585.

This may not seem much but if or when it goes there again and finds its not there then the empowering effect of this “success” can quite often carry it forward.

Interestingly R1 is now 2605 which was R2 on Monday so is still closer to that end of the scale and so will therefore pack quite a punch.

Worth noting is R3 is a very long way away, it only appeared on Monday, and the DAX only went up to R2 so these two are in a more similar situation than many may realise.


Range:            2555  to  2605

Activity           Poor

Type:              Bearish


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Yesterday in the NDX was near enough a perfect example of what we were talking about trading in an uncomfortable market.

So, it opened at 6241.88 which should make the daily range 6225 to 6250 and the high was indeed 6258.42 and the low 6229.15.

The fact it finished just below the level it couldn’t manage in real time is also an indication of where the next auction may well be as they try to “jump” to the next level.

Activity here was tantamount to “only just registered” which makes it pretty pathetic across all three.


Range:            6200  to  6325

Activity:          Very poor

Type:              Bearish


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Well we have the first DNR in the DJX for this expiry, although we did get a “only just” this time last week.

So, if it is the sleeping volcano then it is doing a brilliant job of disguising it.

Therefore, we must repeat what we said yesterday “Do not get fooled just because the DJX has been playing second fiddle for the last couple of days as this is the one index that has been lording it all this year and we doubt very much it is going to stop now”.

It is still in a 1300-point Y1 ratio bandwidth so 1% moves should be a matter of course.


Range:            22700  to  24000 

Activity:          Did not register

Type:              N/A


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November 1st, 2017 by