Equities and Treasuries Open Flat Ahead of Friday’s Employment Data
The equity and fixed income markets are trading sideways, marking time ahead of Friday’s release of March employment data. Both the NYSE and the NASDAQ volume ratios are indicating light buying.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are indicating slight upward momentum readings for the e-mini S&P 500 (EPM7) and the DJ Euro STOXX 50 (DSXM7). The RSI readings for the e-mini NASDAQ 100 (ENQM7) and the Dow (DJI) are just above the neutral 50 reading.
The Q.NYSEVolRatio is flashing a reading of 56% up-volume, which indicates a two-way market. The Q.NASDAQVolRatio reading is 64.1% up-volume, which is indicating some buying 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 uptrend.
Yields are flat in the Treasury market today.
The EUR/USD pair is trending 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 just below yesterday’s highs. The volume ratio readings are running just over 56% up-volume, which is a sign of a two-way market.
The NASDAQ Composite index and the NASDAQ volume ratio readings show the market trading sideways at yesterday’s highs. The volume ratio is 64.6% up-volume, which indicates some buying. However, the volume ratio is diverging with yesterday’s peak volume ratio. In other words, today, there is less buying compared to yesterday at resistance from yesterday.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.