DJX March to April ratio rollover table 15th March 2018
When we last looked at the DJX on 8th March we were rather hoping it was moving to being on the same page as the SPX.
Although on our last look at the SPX we were again anticipating a move higher in their zone which hadn’t actually materialised and by the end of that Tuesday it was too late as the SPX hit R2 at 2805 and the DJX walloped into it here at 25400 (high 25376).
Must have come as bit of a shock as well because the last time it hit R2 it was at 25800 when this index actually hit 25800 on the 27th February.
Anyway, this index turned around 429-points and as the zone here hasn’t changed either then no real surprise the DJX is now back in the driving seat having ousted the SPX.
With a day to go anything can happen, and the zone moving to 24900-25100 here is still entirely possible, but even if it doesn’t we are only talking Y1, albeit there is an awful lot of it, so not that painful really.
Range: 24600 to 25400
Type: On balance not bearish
There are three stand-out aspects to April.
Firstly, the zone, being 25100-25300 it is already showing March where they should be.
Secondly, no disproportionately large positions.
Finally, below the zone it jumps straight to R3 from the Y ratios.
Still an enormous amount of Y ratio around so these decent moves should continue.
Range: 24400 to 25100