SPX right on Y2, NDX same old and DJX well done for expiring in its zone in June, today’s ratio table, levels and comment.

SPX , NDX & DJX Ratio Table 18th June 2018

The SPX could easily be the deciding factor for this expiry and straight from the very first day as well.

So, don’t forget, this is a five-week expiry, the first week of these can be very slow and ponderous, although with where the market is this may not be an option this time.

It will all boil down to sensitivity, or aggression, because as one can see the market closed right on Y2.

The trouble is that this is backed up by R1 just above it at 2810 and all the while the gravitational pull of their zone will be being felt, especially so in a quiet environment and with little or no momentum.

Range:            2755  to  2780        or        2780  to  2810

Activity           Average

Type:              On balance bearish

There is hardly any change in the NDX ratios, and the zone is certainly static.

However, it comes across to us as more than this, as it appears to be not so much in the doldrums but rather more like being actively ignored.

The activity is admittedly just above average, but this is not too difficult to achieve as the baseline is so very low, again.

Nevertheless, we do have some R ratio this expiry so at least it is ahead of the previous intermediary expiries we have had.

Therefore, we should mention the “step-up” level here in this index, which above the zone is lurking slightly submerged at 7275.

Range:            7025  to  (7275) / 7425

Activity:          Good

Type:              On balance only just bullish

Firstly, we must congratulate the DJX for getting as low as 25058 for the expiry, which considering their June zones upper boundary was 25100 this meant it finished inside it, which was a stalwart effort really.

Anyway, back to July, and it’s still all about the zone and it has narrowed, and quite considerably so.

However, it is still at a massive 600-points, which is still a record.

The problem is that this is 600-points of zero ratio, so absolutely no naturally occurring futures activity to moderate any movement either way.

Furthermore, the Y1 ratio either side is also very minimal, so even the slightest momentum would probably blow this away.

All in all, there is not enough meaningful ratio here presently to affect, or mitigate, any market moves and this normally results in big swings and/or severe whiplash, especially so when the market figures out there is nothing there.

Range:            24500  to  25100        or        25100  to  25600

Activity:          Average

Type:              On balance only just bullish