Equity Market Reversing Yesterday’s strength
Traders appear to have switched from their buying mode yesterday to a selling mode today. Still, the current NYSE and NASDAQ exchange volume ratio readings are not that weak, yet.
The late-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are indicating selling pressure for the E-mini S&P (EPH7), the DJ Euro STOXX 50 (DSXH7), and the NASDAQ 100 (ENQH7). The RSI reading for the Dow (DJI) is more neutral.
The Q.NYSEVolRatio and the Q.NASDAQVolRatio is indicating moderate selling pressure.
The ACD and the RSI reading for the CLEG7, Crude Oil for February traded on Globex, is indicating a short-term down trend.
The RSI for Gold (GCZ6) and the MACD action is indicating a short-term up trend.
Yields are up in the Treasury market today.
The EUR/USD pair is trending sideways based on the MACD and the RSI reading.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis shows how the volume ratio closed at positive levels yesterdays. Today, the market is pulling back, and the volume ratio is not indicating widespread selling with a reading of 35-percent up volume.
Likewise, the price action of the NASDAQ 100 and the NASDAQ volume ratio readings are not indicating widespread selling pressure. Now, this may change later on in the day.