Weak Far East Markets Lead to A Lower Opening, But…
The equity markets opened lower in reaction to the weak Far East markets, but big M&A deals bring in buyers.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are positive across the board. The E-mini S&P (EPZ6), and the Dow (DJI) are lagging. The positive sign is the strength in the NASDAQ 100 (ENQZ6) and the DJ Euro STOXX 50 (DSXZ6).
The Q.NYSEVolRatio is indicating moderate buying in NYSE stocks. The strength in the Q.NASDAQVolRatio is a good sign.
The ETZ6, ICE WTI Light Sweet Crude Oil for December, is slightly weak this morning. .
The RSI for Gold (GCZ6) is moderately positive and MACD action is indicating a short-term up trend.
Yields are up in the Treasury market today.
The EUR/USD pair is flat.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis shows the initial weak opening and selling pressure. Now, it is moderately positive.
A more positive indication is the NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis. The 70% up-volume ratio is a sign of buying in technology, and technology tends to lead.