Keybot the Quant remains long to start the Tuesday trading session. Yesterday the bulls were in clover again as the dollar was weaker so commodities and copper were higher as well as equities. At this writing the dollar is stronger, favoring market bears, commodities and copper are lower. For the CRB watch the 313 level. At a 317 handle now the bulls are four handles above danger. Watch JJC, copper, the 49.10 level. Today JJC starts above 50.
The sector to watch today is the utilities, UTIL. If the 447 level fails Keybot will likely flip to the short side. For the SPX today, starting at 1410, the bears need four points higher, to touch the 1414 level, and the upside will accelerate once again. The futures are currently lower indicating a weak start. If the market bears drop the SPX under 1402.50, the broad markets will accelerate lower as large block sellers will enter the markets. A move thru 1403-1413 is sideways action.
The pre-scheduled number printed moments ago resulting in a one tick up move in the signal line, continuing to close the spread between the algo number and signal line setting up the potential move to the short side; only 8 points difference now. Markets remain unstable. Stay cautious and watch UTIL 447 like a hawk. A turn may be imminent.
3/25/12; 7:00 PM EST =
3/20/12; 9:00 AM EST = +76; signal line is +68
3/18/12; 7:00 PM EST = +76; signal line is +67
3/16/12; 10:00 AM EST = +76; signal line is +67
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