Equities Open Flat
The equity markets are trading sideways following a lower than expected ISM services reading for March. The NYSE volume ratio is neutral while the NASDAQ volume ratio is 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 flat momentum readings. The RSI 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 just above or below the neutral 50 reading.
The Q.NYSEVolRatio is flashing a reading of 47.2% up-volume, which indicates a two-way market. The Q.NASDAQVolRatio reading is 63.8% up-volume, which indicates some buying pressure.
The MACD and the RSI reading for the CLEK7, Crude Oil for May traded on Globex, is indicating a short-term downtrend.
The RSI for Gold (GCJ7) and the MACD action is indicating a short-term uptrend.
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. The volume ratio readings are running just under 50% 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. The volume ratio is 64.3% up-volume. That indicates some buying, but a reading above 70% would be better.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.