Hartle & Flow

Buyers initially bid for equities based on the better than expected 4^th quarter GDP report and reversing a three-day losing street. However, tech was lagging and the S&P 500 uncovered sellers as the index value neared yesterday’s high.

The late-morning RSI readings from the CQG Custom QuoteBoard using 15-minute bars for the equity index derivative products are indicating weak momentum for the e-mini S&P 500 (EPM7) and the e-mini NASDAQ 100 (ENQM7). The RSI readings are neutral for the DJ Euro STOXX 50 (DSXM7) and the Dow (DJI).

The Q.NYSEVolRatio is flashing a reading of 68 % up-volume, which is initially indicating a buying pressure. The Q.NASDAQVolRatio reading is just 51 % up-volume, which is a neutral reading. However, they are both trending down.

The MACD and the RSI reading for the CLEK7, Crude Oil for May traded on Globex, is indicating a short-term uptrend.

The RSI for Gold (GCJ7) and the MACD action is indicating a short-term downtrend.

Yields are flat 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 is reversing at the mid-day resistance level from yesterday. The initial volume ratio reading (68 % up-volume) is positive, but the ratio is heading downward.

The NASDAQ Composite index and the NASDAQ volume ratio readings show the market opening higher, but is now testing support. Selling in technology is a negative sign.

We want to see the volume ratios climbing while above 50-percent up-volume for a bullish sign.

This entry was posted Thursday, March 29th, 2007 at 8:59 am and is filed under Markets at a Glance. You can leave a response, or trackback from your own site.