Equities Hit by New Home Sales Data
This morning traders turned sellers on news that February new home sales fell 3.9 percent. The NYSE volume ratio is running at 20 percent up-volume, which indicates heavy selling.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are indicating weak momentum. The RSI readings for the e-mini S&P 500 (EPM7), the e-mini NASDAQ 100 (ENQM7), the DJ Euro STOXX 50 (DSXM7), and the Dow (DJI) are flashing low values.
The Q.NYSEVolRatio is flashing a reading of just 22 % up-volume, which is indicating a selling pressure. The Q.NASDAQVolRatio reading is 40 % up-volume, which is indicating moderate selling pressure.
The MACD and the RSI reading for the CLEK7, Crude Oil for May traded on Globex, is indicating a short-term sideways trend.
The RSI for Gold (GCJ7) and the MACD action is indicating a short-term up trend.
Yields are down in the Treasury market today.
The EUR/USD pair is trading higher 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 trading sideways, and then sellers came in on the new home sales numbers. The volume ratio was already moving sideways, but is now flashing low up-volume readings.
The NASDAQ Composite index and the NASDAQ volume ratio readings show the market trading sideways ahead of the new home sales number. Currently, both the market and the volume ratio are trending lower.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.