Weak Opening by Equities
Traders turned sellers in reaction to the lower than expected March Consumer Confidence reading. The NYSE volume ratio is running at 19 percent up-volume and the NASDAQ volume ratio is 35 percent up-volume. Both ratios indicate sellers are in control.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are once again 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 values between 30 and 45, which are signs of bearish momentum.
The Q.NYSEVolRatio is flashing a reading of just 19 % up-volume, which is indicating a selling pressure. The Q.NASDAQVolRatio reading is 37 % up-volume, which is indicating selling pressure, as well.
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 mixed 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 challenged overhead resistance and sellers came in. The low volume ratio (19 % up-volume) indicates that support is likely to be tested.
The NASDAQ Composite index and the NASDAQ volume ratio readings show the market pulling back from resistance. The volume ratio has made a new low for the lst three days. Sellers are in charge for the moment.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.