Thursday, April 5, 2012

STOCK MARKET BEARISH -- SHORT

Keybot the Quant remains short.  The bears are keeping CRB under 312, UTIL under 463 and SOX under 423.50 but the bulls pushed JJC back above 48.87 which allows the markets to receive upward buoyancy.  JJC 48.88 is also the 200-day MA so a failure here would likely usher in longer term market weakness.

The SPX pierced down thru 1394 after the bell but only held under for four minutes before recovering, so the accelerated downside could not occur.  Price typically needs to maintain a move for seven to ten minutes to lock it in. The SPX is held under the overhead resistance at the 20-day MA at 1401.21 so keep an eye on this.  JJC 48.87 will determine market direction today, and the current 49.98 print helps the bulls push markets sideways today. SOX is coming up towards the critical 423.50 level, bulls are trying to regain market control, but for now, the bears remain in charge.

4/8/12; 7:00 PM EST =
4/6/12; 9:00 AM EST =
4/5/12; 9:46 AM EST = +30; signal line is +54
4/4/12; 11:44 AM EST = +14; signal line is +56

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