SPX, NDX & DJX today’s ratio levels and comments

Friday saw a good rebound in the SPX which is exactly the sort of action we would expect being surrounded by so much Y1 ratio, but as it is right back to the centre of its NZ it actually reveals very little.

Historically in intermediary expiry’s this index tends to bounce between the R1 levels, so 2370 to 2465 is still an enormous potential range and we still think the DJX will hold the key.

Although all three are now back inside their respective zones both here and the NDX have been in bear territory which is why we feel the DJX will have the deciding vote.


Range:            2420  to  2430

Activity           Poor

Type:              On balance bullish




The NDX opened up 20.95 points at 5618.85, and it didn’t stay there for very much longer and in fact the open was also the low.

We mention this as the bottom boundary of their NZ is 5625 so it was only 6.15 points shy of this, and because of the above we are happy to call that a hit especially as the high of 5673.02 was undoubtedly a hit of the upper boundary.

This makes it a NZ bandwidth test so we would expect a breakout today.

There are still two weeks to go and now all three indices are in line it looks to us like this party is just about to get started.


Range:            5625  to  5675

Activity:          Moderate

Type:              Neutral




It was a very quiet end to the week for the DJX only managing a rise 0.44% but then again it was already in its NZ and didn’t have that far to travel to get to the middle of it.

In contrast the NDX had to rise 1.05% and the SPX had to move 0.64%.

However we have the 4th day of no activity by our measurements of this expiry but nevertheless we feel this index will be the decider as it has not yet ventured below its zone into bear territory so whichever boundary of its zone it breaks we feel the other two will follow.


Range:            21300  to  21500 

Activity:          Did not register

Type:              N/A

July 10th, 2017 by