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


The SPX was left hanging by the other two as they both reached their levels before this index leaving it a bit behind.

Although, to be fair, it blasted right past R1 at 2590 with an open that was up 7.03-points at 2589.17, which was also the low so it obviously never even got a look in.

Thin markets, time of year, take your pick, but suffice it to say this is very unsurprising.

They might pull the open trick again but 2605 is a very serious R2, and we have seen this ignored, although normally on the Friday, so this is very aggressive for this index no matter the circumstances.


Range:            2590  to  2605

Activity           Poor

Type:              On balance bearish



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The NDX also benefitted from an opening gap up, here it was 28.30-points to 6336.91.

The difference was that here on Monday they had already encountered Y2 at 6325 (high 6324.59) so they knew they had a target to leapfrog.

We also mentioned the step-up level, for just such a scenario, which was 6375 so the close is rather coincidental as was the high yesterday of 6380.07.

All three seem to have taken it to their respective next levels before the holiday whistle, which is very aggressive and means they all have their work cut out for them thin markets and record highs (who would have thought) at Thanksgiving notwithstanding.


Range:            6325  to  6425

Activity:          Poor

Type:              On balance bullish



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Yesterday was most certainly an informative day in the DJX, but perhaps not for the reasons originally envisaged.

Just like the SPX it managed a 70-point gap up at the open which was also the low, and which was also right on a big figure, here 23500.

Within minutes it was plain that the 100-point range would be northwards rather than southwards of this point and it duly went as high as 23617.

However, the high does not do justice to not only how long the index stayed at 23600 but how abruptly it stopped the headlong charge.

This of course was more to do with the fact it was R3 rather than the top of the “uncomfortable” trading range.

Another opening gambit perhaps today, but again no matter the circumstance this is very aggressive for this index, unless of course it is still in its bubble.


Range:            23100  to  23600       or       23600  to  24100 

Activity:          Very poor

Type:              Bullish



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November 22nd, 2017 by