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

SPX , NDX and DJX Ratio Table 8th September 2017

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We said activity is the key in the SPX and today at last we are seeing some and with the rollover next week it could be setting itself up for a grandstand finish.

There are no changes to the pertinent ratios but what we can say is that a flip back to the old NZ is looking increasingly unlikely, which obviously has big ramifications for next Wednesday.

However the issue will very probably not be the SPX as it still has plenty of Y ratio to play around in and remains close to its zone, but in may well be forced out of its comfort zone by one of the others, most likely the DJX, and be forced to fight.

Range:            2455  to  2485

Activity           Moderate

Type:              On balance bearish

As we said yesterday in the NDX “but please remember 5975 still represents a considerable “step-up””, and the high was indeed 5980.15 so it certainly gave it a go.

The other good news is that activity has maintained its high level, although with the rollover next week we don’t think the really big players will visit this expiry now.

However it is of a far more balanced nature today one of the results of which is 5975 has regained its Y2 status, but the ratios are firmer across the board.

There is obviously the interest but now it is looking like a straight foot race between ambition and the rollover, and with 5975 so close the emphasis will be on the open.

Range:            5925  to  5975

Activity:          Very good

Type:              On balance only just bearish

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Even the DJX is now getting in on the action easily equalling the only other day to post decent activity, or quite frankly any of any significance.

Furthermore it has had a marked influence on the ratios with the loss of R2 above the zone, or to be more accurate R3 replacing it.

However this is the index that poses the greatest risk as it has only once tested its NZ’s upper boundary, at the very start of the expiry, so remains steadfastly above its zone with the rollover looming.

Last expiry we saw the SPX dominate the rollover and then the DJX rule the expiry and the situation this time around is not dissimilar.

Range:            21600  to  22100 

Activity:          Moderate

Type:              Neutral

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