Equities Sell Off in Reaction to Payroll data
The equity markets were hit hard at the opening. This typical market behavior as the payroll data indicated good economic growth, which should be good for stocks. But, it shifts traders and investors back to thinking the FED may raise rates if the growth continues, so equities sell off.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products indicate negative momentum readings for the E-mini S&P (EPH7), the NASDAQ 100 (ENQH7), the DJ Euro STOXX 50 (DSXH7), and the Dow (DJI).
The Q.NYSEVolRatio and the Q.NASDAQVolRatio are indicating heavy selling.
The ETF7, ICE WTI Light Sweet Crude Oil for January, is displaying a short-term negative trend based on the MACD and a weak RSI reading.
The RSI for Gold (GCZ6) and the MACD action are flashing negative readings.
Yields are up in the Treasury market today.
The EUR/USD pair is displaying a short-term negative trend based on the MACD, and a negative RSI reading.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis indicates an oversold condition at the open with an up-volume reading below 20-percent.
The price action of the NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis indicate the NADAQ 100 is displaying some divergence. The index moved lower while the volume ratio made a higher low. This could indicate a bounce underway.