Mixed Morning Trading, but Strength in Tech Could be a Positive
The equity markets are trading in a mixed fashion. One negative is the volume over at the NYSE is dominated by selling, but technology is catching a bid. I tend to like the market when I see tech showing some leadership.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products indicate slight negative momentum readings for the E-mini S&P (EPH7), the DJ Euro STOXX 50 (DSXH7), and the Dow (DJI), but the RSI is neutral for the NASDAQ 100 (ENQH7),
The Q.NYSEVolRatio is indicating selling, while the Q.NASDAQVolRatio is indicating moderate buying.
The ETF7, ICE WTI Light Sweet Crude Oil for January, is displaying a short-term up trend based on the MACD following an oversold 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 flat 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 that some selling is occurring because the ratio cannot move above the 50-percent level.
The price action of the NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis indicate the NADAQ 100 is more bullish. Despite the general market weakness, traders are buying technology.