Tech Pushes the Market Up
Strong start today led by technology. Yahoo! and Sun Microsystems gapped up at the opening. While the NASDAQ volume ratios are very strong, the NYSE ratios are not keeping up. It would be better if both markets were strong..
The late-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are indicating some buying for the E-mini S&P (EPH7), the DJ Euro STOXX 50 (DSXH7) and the Dow (DJI). The RSI for the NASDAQ 100 (ENQH7) is the strongest.
The Q.NYSEVolRatio is neutral and the Q.NASDAQVolRatio is indicating good buying.
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 mixed in the Treasury market today.
The EUR/USD pair is trending downwards 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 is not moving to high levels along with the price action. That’s not a positive sign.
Following the double bottom, the price action of the NASDAQ 100 and the NASDAQ volume ratio readings are displaying signs of good buying.