Mixed Equity Markets
Following yesterday’s rally and headline news detailing the Dow’s close above 13,000, the markets today are taking a break. So far, the NYSE and the NASDAQ volume ratios are indicating two-way markets with tech showing signs of some light buying.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are flat. The RSI readings for the e-mini S&P 500 (EPM7), and the NASDAQ 100 (ENQM7), and the DJ Euro STOXX 50 (DSXM7) are neutral. The RSI reading for the Dow (DJI) is more positive.
The Q.NYSEVolRatio is flashing a reading of 48.8% up-volume, which indicates a two-way market. The Q.NASDAQVolRatio reading is 57.5 % up-volume, which indicates light buying.
The MACD and the RSI reading for the CLEM7, Crude Oil for June traded on Globex, are indicating a short-term sideways trend.
The RSI readings for Gold (GCM7) and the MACD action are indicating a short-term downtrend.
Yields are higher in the Treasury market today.
The EUR/USD pair is trading 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 near-term resistance and the volume ratio readings are just under 50-percent up-volume. That indicates neither buyers nor sellers are dominating.
The chart of the NASDAQ 100 index and the NASDAQ volume ratio on a 15-minute basis shows this index edging higher and the volume ratio is running at 55.5-percent upo volume. That reading indicates some buying.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.