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


And right on cue the SPX has indeed upped its game, although its Friday victory over Y2 was hardly emphatic.

Nevertheless, it managed to close above it which will hopefully provide it with a bit more belief as well.

Also, as we mentioned that everything should start to build this week as we head towards the rollover and expiry the week after.

And just to get the ball rolling today we have got a firm signal that 2570-2580 wants to be the next NZ.

A rising zone is always bullish and anyway now it is above Y2 we would fully expect it to test R1 anyway, so this is just a bonus.


Range:            2555  to  2605

Activity           Average

Type:              Neutral


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As we said on Friday in the NDX “In fact, from here on in we may well see the zone start to move up, completing the trifecta”.

As you can see it has today and the ratios continue to be stronger below the new zone and weaker above it and all three are bullish, and there is still 2 weeks to go.

Despite it still exhibiting the signs of trading in an uncomfortable market it seems very happy to adapt to it and seems quite relaxed about being in the Y2 ratio bandwidth.


Range:            6250  to  6375

Activity:          Strong

Type:              Bearish


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On Thursday last week the SPX did nothing leaving this index, the DJX, to take on their problem level 23500 on its own.

So, to repay the favour the DJX did nothing on Friday leaving the path clear for the SPX to tackle its problem area 2585.

Adding to the collusion it also looks likely that we could see a rise in the NZ here as well, to possibly 23300-23500.

Furthermore, we cannot stress enough that there is so little ratio here we should be seeing daily 1%+ moves and as we build towards the rollover this is going to become ever more likely.


Range:            22700  to  24000 

Activity:          Average

Type:              Bearish


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November 6th, 2017 by