Mixed Start for Equities
Today, the equity markets are off due to the March ISM reading falling to 50.9 when traders were looking for the index to come in at 51.0. However, the exchange generated volume ratios are flashing neutral readings.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are indicating downward 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 all below 50.
The Q.NYSEVolRatio is flashing a reading of 47.9 % up-volume, which is a neutral reading. The Q.NASDAQVolRatio reading is 41.5 % up-volume, which is indicating a slight amount of selling 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 downtrend.
Yields are flat 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 in a range. The initial volume ratio reading of 48 % up-volume is a neutral reading.
The NASDAQ Composite index and the NASDAQ volume ratio readings show the market is trading sideways. The volume ratio is slightly weak, but is not flashing a reading below Friday’s low.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.