US Ratio Table 11th July 2017
For the last few trading days we have been saying the decision seems to rest with the DJX however here the SPX may itself be stirring from its slumbers.
We say that as yesterday it got as high as 2432.00 and as low as 2422.27 and this to us is a NZ bandwidth test so we should see a breakout today.
If this does indeed prove to be the case the timing could not be more opportune as well as we fully anticipate the market getting far more active in the build up to the rollover next week.
Range: 2420 to 2430
After the NZ bandwidth test here in the NDX on Friday we did indeed see a breakout yesterday.
Although we were slightly worried as the open was very tame, only adding 6.24 points to 5662.71 and therefore still shy of the upper boundary.
The market then went as high as 5675, the upper boundary, before giving it all up and retreating back to the centre of its zone at 5650.
However after this it powered ahead and is now above its NZ so perhaps a pertinent time to remind where the “step-up” levels are and above the zone the first is at 5825 whereas below they are still at 5575 and then 5525.
However please remember we are still talking within the Y1 ratio bandwidth.
Range: 5675 to 5875
Type: On balance bearish
We suspect it needs the SPX to take up the running as here in the DJX we have the 5th day of no activity by our calculations and the second day in a row, which is probably worse.
Therefore no wonder it was such a small daily range that never even came close to another test of either of its zone boundaries and on top of which it finished even closer to the middle than it was.
The fact that it is in its Neutral Zone probably does not do justice to how uninvolved this index seems at present.
Range: 21300 to 21500
Activity: Did not register