Signs of a Slowing Economy Bring Out Sellers
Equities started the day in the red, partially due to the non-defense orders ex-transportation of the durable orders report falling 1.4%.
The mid-morning RSI readings and the MACD study values from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are negative. The RSI readings for the E-mini S&P (EPH7), the NASDAQ 100 (ENQH7), the DJ Euro STOXX 50 (DSXH7) and the DJI are below 50 and the MACD studies are indicating short-term down trends.
The Q.NYSEVolRatio and the Q.NASDAQVolRatio readings are both neutral, but were at much lower levels earlier.
The CLEF7, Crude Oil for January traded on the Globex Exchange, RSI reading and the MACD is indicating a short-term down trend.
The RSI for Gold (GCZ6) is slightly negative and the MACD is indicating a short-term down trend.
Yields are up in the Treasury market.
The EUR/USD pair is in a short-term down trend.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis show the market is recovering from the initial weak open, but the volume ratio still indicates that down-volume has the edge.
The NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis are diverging. This could be a positive, but with thin trading expected for the day due to the holiday, I would be cautious.