Very Strong Start to the Day
The equity markets opened and rallied sharply. Good buying in the NASDAQ market is a positive sign. The S&P 500 has made a new high, but the NASDAQ is holding below resistance.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products indicate good buying. The RSI for the NASDAQ 100 (ENQH7) is very high, and that indicates strong early momentum. The RSI readings for the E-mini S&P (EPH7), DJ Euro STOXX 50 (DSXZ6) , and the Dow (DJI) are all indicating good upside momentum.
The Q.NYSEVolRatio and the Q.NASDAQVolRatio are indicating widespread buying.
The CLEF7, Crude Oil for January traded on the Globex Exchange, RSI 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 very strong start with a reading of 80 percent up-volume for the day.
The NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis also show a strong start for the day.