Mixed Equity Market Ahead of the FOMC Meeting
The broad market is doing better, but technology is lagging slightly. Still, the broad based rally in ETFs and the good volume readings from the NYSE are positives.
The late-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are indicating minor momentum for the E-mini S&P (EPH7), the DJ Euro STOXX 50 (DSXH7), and the Dow (DJI), while the RSI for the NASDAQ 100 (ENQH7) is lagging.
The Q.NYSEVolRatio and the Q.NASDAQVolRatio are positive signs.
The MACD and the RSI reading for the CLEG7, Crude Oil for February traded on Globex, is indicating a short-term up trend.
The RSI for Gold (GCZ6) and the MACD action is indicating a slight down trend.
Yields are down in the Treasury market today.
The EUR/USD pair is trading 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 is indicating good buying pressure with the volume ratio climbing above 70-percent up-volume.
The price action of the NASDAQ 100 and the NASDAQ volume ratio readings are not as positive. The ratio moved is above the 50-perecent level for three days now; the NASDAQ 100 is not advancing. Normally, I would expect the NASDAQ 100 to start climbing with these kinds of volume ratio readings, as it did yesterday. I want to see tech join the party.