SPX next R2 @ 2730, NDX comes to life and DJX at last…today’s levels and comment


The SPX certainly did have R1 in its sights, and it didn’t take very long for the market to set up camp right on it.

Very interestingly this coincided with the DJX hitting their level and it was that index that was having all the problems and acting as a brake here on the SPX.

When it did eventually give way, this market had no hesitation at all in speeding right up to the next level, R2 at 2715, getting as high as 2714.37.

As one can see R2 has slipped to 2730 today so we will be none the wiser until we see it breach this level to determine whether or not they still have the conviction, but at least it is now acting like an index that has seen two jumps in its NZ already this expiry.


Range:            2705  to  2730

Activity           Poor

Type:              Bearish



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The NDX has certainly sprung to life, which may sound a bit daft to say about an index that has jumped 180-points in 2 days, but for us most of that was just the Y1 ratio bandwidth.

What we mean is taking on and beating Y2 yesterday and they also added over 40 strikes, and today another 30, on top of decent activity, and it is this that we mean.

The ratios have leapt below the zone and tumbled above and the NZ moves up to 6375-6425, so in fact there is so much going on it’s a blur, but as it now stands it is back in Y1 with Y2 now at 6600.


Range:            6425  to  6600

Activity:          Off the scale

Type:              Bearish



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Rather bizarrely it has been the DJX that has been the reluctant one, but even on the very first day of the rollover, back on 11th December 2017 we have been highlighting 24900.

The DJX may have been reluctant but don’t be fooled by it as they were more than happy for the others to take the lead on this, and no doubt making it a lot cheaper as well, as this was always going to happen, the only question was when.

For the record there is a step-up at 25100.


Range:            24900  to  …… 

Activity:          Poor

Type:              Bullish



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January 4th, 2018 by