Lower Equity Markets
The equity markets started out in a weak fashion following the weaker than expected first quarter GDP numbers. Currently, the NYSE volume ratio is indicating selling pressure while the NASDAQ volume ratio is more neutral.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are flashing neutral readings for the e-mini S&P 500 (EPM7), and the NASDAQ 100 (ENQM7), the DJ Euro STOXX 50 (DSXM7), and the Dow (DJI).
The Q.NYSEVolRatio is flashing a reading of 34.45% up-volume, which indicates sellers are in charge. The Q.NASDAQVolRatio reading is 46.7 % up-volume, which indicates a two-way market.
The MACD and the RSI reading for the CLEM7, Crude Oil for June traded on Globex, are indicating a short-term uptrend.
The RSI readings for Gold (GCM7) and the MACD action are indicating a short-term sideways trend.
Yields are down in the Treasury market today.
The EUR/USD pair is trading sideways 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 pulling back from yesterday’s highs and the volume ratio readings are 34-percent up-volume. That indicates sellers are dominating.
The chart of the NASDAQ 100 index and the NASDAQ volume ratio on a 15-minute basis shows this index in the middle of the previous day’s range and the volume ratio is a neutral 48-percent up volume reading.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.