Sellers Start Out Dominating
The equity markets opened on a weak note, partially due to Wal-Marts reports, the weaker dollar, and the overbought state bringing in profit takers.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are negative across the board. The E-mini S&P (EPZ6), the NASDAQ 100 (ENQZ6), the DJ Euro STOXX
50 (DSXZ6), and the Dow (DJI) are indicating heavy initial selling.
The Q.NYSEVolRatio and the Q.NASDAQVolRatio are dominated by down-volume readings.
The ETF7, ICE WTI Light Sweet Crude Oil for January, is trading sideways.
The RSI for Gold (GCZ6) and the MACD action is indicating an up trend.
Yields are up in the Treasury market today.
The EUR/USD pair is up again.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis is indicating selling with a 26% up-volume reading.
More importantly is the NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis are showing low up-volume reading at 20 % up-volume. Selling in technology is a negative sign.