The total ratio rout in the SPX continues, although the rate of change has decreased somewhat.
However, when you get 2805, which was R2 yesterday (nb. High 2807.54) dropping an entire level to R1 today, then the ROC is still very high indeed.
The introduction of Y1 above the zone is only to be expected, and as the Y ratio bandwidth now stretches 100-points just above the zone alone, then further NZ changes are definitely on the cards.
Although, please note that this market is now back into its Y ratios so moves such as yesterday are normal under these conditions.
Range: 2780 to 2805
Type: On balance bearish
The Feb SPX expiry is at least trying to make the best out of what has happened in Jan.
Of course, the main difference here is that the NZ is already 2720-2730, so significantly higher than Jan.
More importantly we have ratio on either side going up to R2.
And today R1 above the zone has slipped to 2805, leaving the market back in the Y ratios here as well.
Range: 2730 to 2805