Tuesday, May 1, 2012

STOCK MARKET BULLISH -- LONG -- CAUTION

Keybot the Quant remains long. Despite the market selling yesterday, copper remained buoyant so the downside was limitedUtilities continue higher which is very bullish. Semiconductors remain weak helping the bear case. The bulls need SOX to move over 418.25 for the market upside to take another leg higher.  The bears need JJC below 48.40 and/or XLF under 15.20 to usher in a leg lower.  Without any of these three sectors making a decision, the broad indexes will stumble sideways.

The algorithm did not print any numbers in the Monday session but the pre-scheduled number clicked off last evening; the signal line bumped up by one tick.  The bulls remain in firm control currently.  For the SPX starting at 1398, the bulls need to push over 1403, five points higher, to accelerate the market upside.  The bears need to push under 1394, critical support, to accelerate the market downside. A move thru 1395-1402 is sideways action. Markets remain unstable and erratic.

5/6/12; 7:00 PM EST =
5/4/12; 9:00 AM EST =
4/30/12; 7:00 PM EST EOM = +46; signal line 25
4/29/12; 7:00 PM EST = +46; signal line 24
4/27/12; 10:00 AM EST = +46; signal line 22

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