Signs of Low Consumer Inflation Gives Equities an Initial Boost
The core Consumer Price Index rose just 0.1% in October, and that is bringing in buyers in the equity markets.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are modestly positive for the E-mini S&P (EPZ6), and the Dow (DJI). But, the NASDAQ 100 (ENQZ6) and the DJ Euro STOXX 50 (DSXZ6) is neutral.
The Q.NYSEVolRatio is indicating good buying, but the Q.NASDAQVolRatio is indicating some selling, and that is a negative.
The ETZ6, ICE WTI Light Sweet Crude Oil for December, is trading sideways.
The RSI for Gold (GCZ6) is positive and the MACD indicates an up-trend.
Yields are down in the Treasury market today due to the good CPI news.
The EUR/USD pair is flat.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis is showing good buying today following yesterdays action. The 70% up-volume reading is a sign of strength.
However, the NASDAQ 100 and the NASDAQ volume ratio on a 15-minute basis are showing signs of selling as the down-volume has a slight edge at 54% down-volume (100 - 46.8).Technology tends to lead the way.