Technology Shows Signs of Rebounding
Traders appear to be looking back at technology. Semiconductors are performing better and the NASDAQ Volume Ratio indicates some buying.
The late-morning RSI readings from the CQG Custom QuoteBoard, using 15-minute bars for the equity derivative products are indicating neutral price action for the E-mini S&P (EPH7), the DJ Euro STOXX 50 (DSXH7), and the NASDAQ 100 (ENQH7), while the RSI for the Dow (DJI) is a little more negative.
The Q.NYSEVolRatio and the Q.NASDAQVolRatio are mixed, but recovering from this morning’s early selling.
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 down trend.
Yields are down 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 a double bottom formed today on a 15-minute basis, but the volume ratio has yet to move above the important 50-percent reading. In other words, on balance, there is still selling going on.
The price action of the NASDAQ 100 and the NASDAQ volume ratio readings are a little more positive. The ratio moved above the 50-perecent level early this morning and is still holding above it.