Soft Market Ahead of FOMC Announcement
The equity markets opened down with technology (ENQ) trading weaker than the S&P 500. The market is likely to chop around waiting for the FOMC report.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products indicate a mixed market. The E-mini S&P (EPH7), the Dow (DJI) and the NASDAQ 100 (ENQH7) are weak. The DJ Euro STOXX 50 (DSXZ6) is neutral.
The Q.NYSEVolRatio and the Q.NASDAQVolRatio indicating some selling pressure.
The ETF7, ICE WTI Light Sweet Crude Oil for January, RSI is neutral and the MACD are indicating a short-term up trend.
The RSI for Gold (GCZ6) is neutral and the MACD is indicating a short-term down trend.
Yields are mixed in the Treasury market today.
The EUR/USD pair is slightly lower.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis is interesting. The volume ratio is trending down ahead of the price action.
The NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis are also indicating that sellers are becoming aggressive.