Buyers Step into Equities as Manufacturing Climbed for March
The Chicago PMI reading for March was 61.7 and the expectation was a reading of 47.9. This better than expected reading for manufacturing has boosted equities. Another positive sign today is buying in technology.
The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are indicating mixed momentum readings. The RSI for the e-mini S&P 500 (EPM7) and the Dow (DJI) are flat, while the RSI for the e-mini NASDAQ 100 (ENQM7) is bullish. The RSI readings are stronger for the DJ Euro STOXX 50 (DSXM7).
The Q.NYSEVolRatio is flashing a reading of 61 % up-volume, which is initially indicating buying pressure. The Q.NASDAQVolRatio reading is 64 % up-volume, which is also indicating buying pressure.
The MACD and the RSI reading for the CLEK7, Crude Oil for May traded on Globex, is indicating a sideways trend.
The RSI for Gold (GCJ7) and the MACD action are indicating a sideways trend.
Yields are up in the Treasury market today.
The EUR/USD pair is trading sideways based on the MACD and the RSI readings.
The chart of the S&P 500 and the NYSE volume ratio on a 15-minute basis shows the market initially rallying, but is now pulling back. The initial volume ratio reading of 70 % up-volume was a positive, but the ratio is now heading lower.
The NASDAQ Composite index and the NASDAQ volume ratio readings show the market opening higher, but stalled at resistance, and the volume ratio is now trending lower.
We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.