SPX R3 still untested, NDX right on cue and DJX , today’s levels.


Although we have seen this opening tactic already this expiry in the SPX we do not think yesterdays was deliberate even though it achieved the same purpose.

It opened up 14.97-points which took it too 2657.19 and above R3 at 2655 but as R3 had only just moved there and as they had yet to test it then we suspect this was just a strong open plain and simple.

However, after the initial flurry we don’t think it was any coincidence that it spent a lot of the rest of the day around it and obviously finished significantly below it.

The ratios are stronger below the zone and weaker above it but no pertinent changes and the trading range remains unchanged.


Range:            2615  to  2655

Activity           Moderate

Type:              On balance only just bearish



[affilinet_performance_ad size=468×60]



As we said yesterday in the NDX “still in a sea of Y1 ratio, so we would expect volatility anyway, and the focus is all on whether or not it can recapture its zone”.

And we got both in buckets as the open was up 42.81-points but more importantly at 6380.68 which was just above the bottom boundary.

And then to finish down 74.17-points meant a 124-point range so we certainly got the volatility as well, and that only tested one end of the Y1 ratio bandwidth it is in.

The ratios are firmer on both sides of the zone but at the end of the day it is still in a very wide Y1 ratio bandwidth.


Range:            6175  to  6375

Activity:          Average

Type:              On balance only just bearish



[affilinet_performance_ad size=468×60]




Activity in the DJX has returned to more usual levels which doesn’t actually change anything literally.

So, it remains in the open-ended R3 ratio bandwidth with very little we can add.


Range:            24100  to  …… 

Activity:          Poor

Type:              Neutral



[affilinet_performance_ad size=468×60]

December 5th, 2017 by