Equities Trade Lower, While Treasuries Edge Up
The equity markets are testing underlying support levels in a quiet trade today. Given the volatility so far this week, traders are likely to want to take off early. There is continued talk about the problems in the housing market, and the University of Michigan sentiment measure dipped to 91.3 compared to the 93.3 preliminary number.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity derivative products are indicating flat momentum for the e-mini S&P 500 (EPH7), the e-mini NASDAQ 100 (ENQH7), the DJ Euro STOXX 50 (DSXH7), and the Dow (DJI).
The Q.NYSEVolRatio is flashing a reading of 24 % up-volume, which is indicating selling pressure, and the Q.NASDAQVolRatio reading is 33 % up-volume, which is also indicating selling pressure.
The MACD and the RSI reading for the CLEG7, Crude Oil for February traded on Globex, is indicating a short-term trend.
The RSI for Gold (GCZ6) and the MACD action is indicating a short-term downtrend.
Yields are down in the Treasury market today.
The EUR/USD pair is trading sideways 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 cash index working lower along with the volume ratio.
The NASDAQ Composite index and the NASDAQ volume ratio readings are also woring lower. Sellers are trying to take the market down.