Weak Housing Data Hits the Equity Markets at the Start of Trading
The equity markets opened down on the weak housing data.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are modestly negative for the E-mini S&P (EPZ6), and slightly posotive for the Dow (DJI). But, the NASDAQ 100 (ENQZ6) and the DJ Euro STOXX 50 (DSXZ6) indicating selling pressure.
The Q.NYSEVolRatio is indicating some selling, but the Q.NASDAQVolRatio is indicating a higher level of selling pressure, and that is a negative. is indicating a higher level of selling pressure, and that is a negative. is indicating some selling, but the is indicating a higher level of selling pressure, and that is a negative.
The ETZ6, ICE WTI Light Sweet Crude Oil for December, is flat.
The RSI for Gold (GCZ6) is moderately negative and MACD indicates a down trend.
Yields are down in the Treasury market today due to the weak housing starts report.
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 selling pressure. It is not too bad, as the down volume is just 63% of day’s volume. Readings near the 30% level are more negative.
More of a negative indication is the NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis. The low 30% level is an indication of heavy selling.