SPX , NDX and DJX Ratio Table 24th Nov 2017
It is such a big day for the SPX it is a concern that it will very probably happen today when no one is around.
Of course, we are referring to R2 at 2605 which is a very solid R2, by which we mean closer to R3 than R1, but there is no disguising the fact that under these particular circumstances there is no doubt its power will be diminished, the question is by how much?
At the other end there is R1 as well, so no matter which way it turns it will have a decision to make.
Range: 2590 to 2605
To recap here in the NDX on Tuesday it had fun and games with our step-up level 6375, eventually closing on it having got as high as 6380.07.
So, on Wednesday it opened up 6-points but at 6384.13 was still above it and which would make our “uncomfortable” range 6375 to 6400.
The low was 6371.74 and the high was 6391.16.
Today 6375 becomes the Y2 level and R1 has slipped slightly, so this level remains critical and depending on the open the daily range should be a multiple of 25 based on that.
Range: 6375 to 6450
No doubt that the DJX now knows exactly what is waiting for it at 23600.
On Tuesday the high was 23617 and on Wednesday it was 23605 but what it doesn’t know is that today it has dropped to R2.
However, having just dropped today it is just below the threshold, so should still carry a good punch, if it wasn’t for this being strike 3 as well.
Of course, what we have said about the SPX above, applies just as much here as well, so if they wanted to affect a breakthrough then all the dominoes are lined up.
Range: 23100 to 23600 or 23600 to 24100