SPX on for a perfect expiry, June unusual, today’s ratio rollover table, levels and comment.

SPX May to June Ratio Rollover Table 14th May 2018

The SPX enters the May rollover in a good place and with sufficient scope either way to hopefully have a calm and relaxed expiry.

It seems to have eventually made up its mind and the zone returning to 2695-2705 looks very possible, and if so then the downward drag is not onerous at all.

Y2 above it seems also to be in retreat and R1 has also slipped marginally to 2750.

Also, worth remembering it was R2 at 2595 (low 2594.62) that turned the tide here and above the zone this doesn’t even kick in until 2770.

However, for a perfect expiry we would be more than happy with a test of R1 before ending the week circa 2700.

Range:            2680  to  2750

Activity:          Moderate

Type:               On balance only just bearish

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For our first look at June SPX and it looks like the May calmness has been carried over.

The zone is already at 2695-2705, reinforcing the possibility that May’s will join it.

However, for a triple there is still an enormous amount of Y ratio currently present.

Of course, we wouldn’t expect it to be this extreme in a weeks’ time, but for a biggie then having any at all is somewhat rare, let alone 155-ponits of it.

The other stand-out feature is that R1 and R2 in both expiries are at the exact same level.

Range:           2705  to  2750

Activity:         Average

Type:              Neutral

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