Keybot the Quant remains short but the bulls started the day by bouncing the commodities, CRB. After the equities opened an hour ago, JJC remains under the 48.80 level, although price is moving upwards now to 48.60. Watch this closely today.
The SPX lost the 1389 level so a downside acceleration would be expected but the bears could only muster up a couple points lower thus far today. The bulls are now moving price higher back into the 1390's. If JJC moves over 48.80 the bulls may have some game today, otherwise, if the JJC stays under 48.80, the broad indexes should reverse again and head lower. AAPL moves sideways so this provides broad market support. Note that the algo number is only three points away from the signal line so even though the bears are winning now, these markets remain highly unstable and erratic. Caution is required. JJC will tell you the story today.
3/25/12; 7:00 PM EST =
3/23/12; 8:00 AM EST = +60; signal line is +63
3/22/12; 12:13 PM EST = +46; signal line is +63
3/22/12; 11:31 AM EST = +60; signal line is +64
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