Traders Sell into Up Opening for Equities
Equities started out strong this morning, but the NASDAQ 100 index could not get through recent resistance, and traders took profits. However, the NASDAQ 100 index is holding at support and the volume ratio is diverging.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity derivative products are neutral for the e-mini S&P 500 (EPH7), the DJ Euro STOXX 50 (DSXH7), and the Dow (DJI). The RSI readings for the e-mini NASDAQ 100 (ENQH7) are indicating some selling.
The Q.NYSEVolRatio is indicating buying, while the Q.NASDAQVolRatio is indicating some slight selling pressure.
The MACD and the RSI reading for the CLEG7, Crude Oil for February traded on Globex, is indicating a short-term up trend.
The RSI for Gold (GCZ6) and the MACD action is indicating a sideways trend.
Yields are down in the Treasury market today.
The EUR/USD pair is trading in a sideways trend based on the MACD and the RSI reading.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis shows the market traded through resistance, but sellers came in. However, the volume ratio is running 60-percent up-volume and that indicates buying.
The NASDAQ 100 index and the NASDAQ volume ratio readings are flashing trading range action. We see the index hit resistance and fell back into the support zone. The index is holding above support and the volume ratio is diverging by making a series of rising lows. This indicates that the retracement is not bringing out sellers, which is a positive sign.