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

SPX , NDX and DJX Ratio Table 28th Nov 2017





That is strike 2 for the SPX on R2 as it got as high as 2606.41 yesterday.

The thing is it hasn’t retreated either so it could well have another go at it and next time would be 3 and out, but also the ratios are stronger below the current market and weaker above it, so it is weakening all the while.

It is perhaps worthwhile therefore to have a look at R3 as today that has slipped to 2630 from 2625, which is actually where it started this expiry, but in the meantime, has been as high as 2615.

So, we would call 2615 a step-up, or perhaps the start of it as it was only R3 for a day before it scuttled back to 2625.


Range:            2590  to  2605

Activity           Poor

Type:              Neutral



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The NZ in the NDX is still on the move jumping up yet again, now reaching 6275-6325.

However, there is still Y ratio either side of this new level so with almost a full three weeks to go we very much doubt we have seen the last of them.

Much more importantly Y2 now starts at 6400 so this is now a crucial level, but if the ratios here continue to tumble the market may not actually have to move to find itself back in Y1.

Either way it is still looking bullish here but there is still that uncomfortable trading range associated with being in the Y2 ratio bandwidth, and with yesterday’s open at 6409.52 that would have made it 6400 to 6425 and the low was 6392 and the high 6420.


Range:            6325  to  6400       or       6400  to  6525

Activity:          Moderate

Type:              Bearish



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The DJX really gave R2 a solid test getting as high as 23638 yesterday.

The first test it got to 23617 back on Tuesday 21st but as that was first contact a bit of licence just for the surprise factor is allowed.

Then it was 23605 and on Friday 23599, so yesterday it knew what to expect and gave it everything and still didn’t even establish a beachhead.

However, just like the SPX, it hasn’t retreated very far, in fact probably the opposite as it looks like it is setting itself up to employ a different tactic, one that will in all probability involve an opening gap.

At least there is some activity but at the end of the day it does look like the DJX needs the SPX to breach its R2 level, which does mean that this index is being integrated back into normality.


Range:            23100  to  23600       or       23600  to  24100 

Activity:          Very poor

Type:              Bearish



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November 28th, 2017 by