Initial Buying Wave Uncovers Sellers
The equity markets opened higher in reaction to the better than expected November Retail Sales, but oil prices are up and sellers came into the equity markets.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products display a mixed market. The RSI for the E-mini S&P (EPH7) is leaning towards a sign of selling, while RSI for the Dow (DJI) is indicating slight buying. However, the RSI for the NASDAQ 100 (ENQH7) is indicating selling. At the other end of the spectrum, the RSI for the DJ Euro STOXX 50 (DSXZ6) is strong.
The Q.NYSEVolRatio and the Q.NASDAQVolRatio are neutral.
The ETF7, ICE WTI Light Sweet Crude Oil for January, RSI is neutral and the MACD are indicating an up trend.
The RSI for Gold (GCZ6) is neutral and the MACD is indicating a short-term down trend.
Yields are higher in the Treasury market today.
The EUR/USD pair is lower.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis indicates a strong start, but sellers came in. The volume ratio is holding above 50 percent up-volume dominating, probably due to funds flowing into energy stocks.
The NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis also show a strong start that was met by sellers. The volume ratio is neutral now, as the market sits at support.