Buying in Chip Stocks Leads Rally
The mixed opening was followed by good buying in technology because of the upgrade of the chip sector.The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are strong for all four indices. The E-mini S&P (EPZ6), the NASDAQ 100 (ENQZ6), the DJ Euro STOXX 50 (DSXZ6) and the Dow (DJI) are indicating good momentum in the morning trading.
Both the Q.NYSEVolRatio and the Q.NASDAQVolRatio are positive, and the 76% up-volume reading for the NASDAQ is bullish.
The ETZ6, ICE WTI Light Sweet Crude Oil for December, is in a weak, short-term down trend.
The RSI for Gold (GCZ6) is neutral and the MACD indicates a down-trend.
Yields are up in the Treasury market today.
The EUR/USD pair is down on the session.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis is showing good buying. The volume ratio has climbed above recent highs, but the price action is stalling at resistance. If the volume ratio holds up, then the market is likely to break through.
The NASDAQ 100 and the NASDAQ volume ratio on a 15-minute basis are showing very positive signs in the early trade. The index is trading above near-term resistance. The NASDAQ volume ratio is running at a high 75% reading indicating good buying.