Equities Consolidate Recent Gains
Following a weak opening, the equity markets are climbing. At the moment, the S&P 500 is in positive territory while the NASDAQ 100 is still trading down for the day. The NYSE volume ratio and the NASDAQ volume ratio are neutral at best.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are indicating flat momentum. The RSI readings for the e-mini S&P 500 (EPM7), the NASDAQ 100 (ENQM7), the DJ Euro STOXX 50 (DSXM7), and the Dow (DJI) are mixed at this point.
The Q.NYSEVolRatio is flashing a reading of 42.5% up-volume, which indicates slight selling pressure. The
Q.NASDAQVolRatio reading is 53.1 % up-volume, which indicates a two-way market.
The MACD and the RSI reading for the CLEK7, Crude Oil for May traded on Globex, are indicating a short-term sideways trend.
The RSI readings for Gold (GCM7) and the MACD action are indicating a sideways trend.
Yields are down in the Treasury market today.
The EUR/USD pair is trading slightly lower based on the MACD and the RSI readings.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis shows the market stalling at resistance. The volume ratio readings are trending down, but may be turning higher. Watch for the volume ratio to cross above 50-percent up-volume to indicate buyers coming back in.
The chart of the NASDAQ 100 index and the NASDAQ volume ratio on a 15-minute basis shows this index is trading at resistance. Buyers are currently showing a slight amount of more resolve than the volume ratio from the NYSE. However, the resistance should hold the market back.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.
