Keybot remains short but the algo is very close to flipping to the long side. Note that the algo number and signal line are now the same number indicating a potential trend change for the broad markets. Not yet enough to trigger the flip to the long side but very very close. That said, the futures remain negative to start the day and the algo may post a more negative number after the bell. Today will be an interesting ride.
Continue to watch utilities closely for hints. UTIL, now at 426, is well above the critical 414.20 level bolstering the bullish case. If UTIL moves above 429.81, less than four points higher, this will be firm confirmation that the broad market bulls plan on running the indexes higher.
For the SPX today, starting at 1204 with red futures, the market bulls had the wind at their backs and only needed to show the slightest tinge of green on the futures to catapult the indexes higher after the open. If 1204.49 is touched the bulls will run today. But, alas, the futures are red instead. Thus, the market bears need to push down to lose the 1179 handle, if this occurs, then the bears will be running today and you will see the indexes lose several more handles in short order. A move thru 1180-1204 is sideways slop with no resolution.
Stay on guard; Keybot the Quant is on the verge of flipping to the long side but only time will tell. Europe news will dominate today.
8/28/11; 7:00 PM EST =
8/26/11; 10:00 AM EST =
8/21/11; 7:00 PM EST =
8/16/11; 9:00 AM EST = -72; signal line is -72
8/15/11; 9:30 AM EST = -72; signal line -70
8/14/11; 7:00 PM EST = -88; signal line -68
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