SPX Sept to Oct Rollover 11th September 2017
You wouldn’t know it from such a small move in the SPX on Friday but this index has certainly come to life.
Please remember it is a triple so this level of activity is actually very high so the only question is whether it is purely as a result of insurance positioning due to the weather or for the rollover.
However there is no disguising the result which is the NZ returning to 2470-2480, and with just days to go until Wednesday this is quite punchy.
All in all we should be in for a volatile rollover and expiry and not before time for us.
Range: 2420 to 2470
Type: On balance bearish
For the first look at October in the SPX and it look bullish if only because the ratios only go as high as R2 above the zone.
At least the zones are in sync and although it is still early days there is an awful lot of Y ratio in evidence.
Of course a lot will depend on where this week ends but as it stands now there is almost as much of it below as there is above, covering a total range of 125 points.
Now in the mighty Sept expiry the market effectively traded between the changing zones so if Sept breaks this mould it could be a very exciting expiry.
Range: 2405 to 2470
Type: On balance just bearish