The SPX already taking on Y2 in the Sept triple expiry.

The SPX is already looking aggressive.


Nb. Our comment from the 08/27/21 (Not published)


Nb. Our comment for 09/01/21


This is definitely a first for us, that is, publishing the first note on an expiry in the actual month of its expiry.

Considering the market fell back to its zone at 4400 for the August expiry it’s no real surprise “normal service” was resumed as soon as it was over.

Therefore, and again absolutely no surprise, that the market started hitting new highs last week as Y2 above the zone didn’t even start until 4505.

The interesting aspect was last Friday the 27th, as Y2 hadn’t moved, and yet the market powered on up right through it.

Sadly, we weren’t witness to whether or not it had any effect on the market as it blasted through, only seeing the end result the next day.

This means that the start of this week has been very illuminating as this market handles being in the Y2 ratio bandwidth.

Of course, this is a triple, so we would expect as much, but perhaps not quite so early on.

Otherwise, it is pretty much exactly as we have been seeing over the last few expiries.

Retreating ratios above the zone, which in itself is looking to move up, all wrapped up in an overall lack of ratio, albeit being a triple these are far far higher than an intermediary, but comparing like with like, then the argument still holds true.

However, what is a big concern, is that the Y1 ratio bandwidth is 285-points, with the overall Y ratio bandwidth 435-points, this is as wide as we have ever seen it…which is remarkable considering this is a triple.

We are essentially back to our automatic car in neutral, just nobody say “BOO”.


Range:            4405  to  4580           

Activity:          Poor

Type:              Neutral


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September 1st, 2021 by