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

The SPX hasn’t wavered at all and maintained being in bearish territory and now the climate has changed it is up to them how much they will make of it.

The only aspect of being in such a huge Y ratio bandwidth is big moves, which up until now we haven’t really had, and being a triple it is normally just a matter of time before everything gets excited.

The good news is that since this expiry started last week we have seen the introduction of R1, so now it is not that far to support, although for one of the big ones R1 would be the absolute bare minimum so perhaps worth bearing that in mind, but it should at least give us an indication of the strength of any move.


Range:            2415  to  2470

Activity           Very poor

Type:              Bullish




On Friday the NDX closed at 5822.53 which was right on the upper boundary of its new NZ, and yesterday’s open being up 16.74 took it above it from the off.

It did get 13 points higher and the low was significant, being 5821.87, so it could have broken back inside but chose not too in what was essentially a very lackluster day.

Activity is also key here and surprising to see money coming off the table this early, and perhaps if they had noticed the NZ dropping 100 points last week they may have taken a bit longer to decide.

No surprise then that 5825 is a key level today, and below it they have 50 points of no ratio at all, not that the ratio has developed much overall still.


Range:            5775  to  5825      or       5825  to  5975

Activity:          Moderate

Type:              Not bearish



In the DJX it has all been about activity recently, more importantly the lack thereof.

Today it has only just crept onto our scales so it is virtually another “did not register” but we suspect today should shake a few players out of their trees.

Of course no change in the ratios and here the first line of support would be their NZ’s upper boundary.

As we said Monday last week when its low was 21600 this is a very significant level as once inside its zone there is 200 points of no ratio at all below it.


Range:            21600  to  22400 

Activity:          Very poor

Type:              Bearish

August 29th, 2017 by