Technolgy Leading the Market Higher, However…
The NASDAQ Composite has made another new high for the year this morning; however, the volume ratios are not indicating widespread buying.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity derivative products are somewhat negative for the (EPH7) and the Dow (DJI). The RSI for the NASDAQ 100 (ENQH7) and the DJ Euro STOXX 50 (DSXH7) are neutral.
The Q.NYSEVolRatio is neutral, while the Q.NASDAQVolRatio is indicating some buying pressure.
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 trading 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 the market traded above yesterday’s high, but sellers came in. The volume ratio dropping below 50-percent up-volume indicates a shift towards selling.
The NASDAQ 100 and the NASDAQ volume ratio readings are diverging. The index has made a new high, but the volume ratio came up short. The volume ratio is starting to trend down, which indicates the volume of up stocks is losing up-side momentum.