Tech Encourages Investors, But Needs to Rally More
The market has caught an initial bid partly due to Texas instruments posting better than expected fourth quarter earnings. In addition, Texas Instruments was upgraded at Merrill Lynch.
The mid-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are indicating somewhat strong buying. All four, the E-mini S&P (EPH7), the NASDAQ 100 (ENQH7), the DJ Euro STOXX 50 (DSXH7) and the Dow (DJI), are flashing positive RSI readings.
Both the Q.NYSEVolRatio and the Q.NASDAQVolRatio are indicating broad buying. However, the NASDAQ volume ratio is not dominating. I would like to see that climb above 70-percent up-volume.
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 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 neutral RSI reading.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis shows how the volume ratio is back above the 70-percent reading so far today. That level indicates good buying.
The price action of the NASDAQ 100 and the NASDAQ volume ratio readings on a 15-minute basis are interesting. The volume ratio is just below 70-percent, but the price action today looks labored. In other words, despite good buying volume, the NASDAQ 100 index is not making a lot of headway.