SPX zone move, NDX still all about 6475 and DJX wait almost over, today’s levels and comment


The SPX opened up 3.77-points and more to the point above 2680, however judging by the relativity this was more DJX led than anything here we feel.

Nevertheless, above it they opened and as the low was less than a point below this the market was above it all day, so nobody is any the wiser.

However, the big news here is that the NZ has moved, and to our first choice, but our second is still very much on the cards.

But just like an advancing army, if it goes too quick the supply lines get very stretched, and it’s not a problem unless it hits serious resistance.


Range:            2655  to  2705

Activity           Moderate

Type:              On balance bearish



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Essentially what we said yesterday in the NDX “If this market hadn’t started so manically, and don’t forget Y2 was at 6475 at the start of this expiry, we would be calling 6475 the step-up level within the Y1 ratio bandwidth, so just like the SPX where this index closed is significant but not as much as what it does today”.

However, the difference today is the level of activity, and please don’t forget as the bar is still so low this is again very flattering, but it has got the ratios below the zone climbing rapidly.


Range:            6325  to  6525

Activity:          Outstanding

Type:              Bearish



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The wait is almost over in the DJX, and perhaps we should have mentioned this earlier, but due to the way the holidays fall Boxing Day is always a favourite for achieving goals over here.

Basically, almost every other market is closed and even here it is rather thin, so it always provides a unique window of opportunity.

On Monday this index hit 24900 (high 24876) and to us it is no coincidence that the last three days highs have been 24850, 24852 and 24850.


Range:            24700  to  24900 

Activity:          Moderate

Type:              On balance bearish



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December 22nd, 2017 by