STOCK MARKET BULLISH -- LONG

Keybot the Quant is bullish as trading reopens in the States after the July 4th Independence Day holiday yesterday. The algo number is comfortably above the signal line by 42 points so the bulls are cruising without worry. The only major sector that remains in the bear camp, as measured by Keybot, is commodities, CRB, now at 292.64. If CRB moves above 297 the bulls will not look back and the broad indexes will continue far higher.  For the bears to stop the upside momo, they need to drop the SOX back under 384, JJC under 44.35 and/or NYA under 7725. If these three levels remain elevated on the bull side, the bears will continue to experience pain moving forward.

For the SPX today starting at 1374, once again closing at the highs each day since Friday, the bulls only need to see one point of green in the S&P futures to continue the bullish upside. If the SPX touches the 1375 handle, the upside will accelerate for markets.  The bears need to push the SPX under 1364 today, 10 points lower, to accelerate the market downside. A move thru 1365-1373 is sideways action. The bulls are driving the bus. The ECB rate decision this morning will impact the futures markets.

7/8/12; 7:00 PM EST =

7/6/12; 9:00 AM EST =

7/3/12; 9:30 AM EST = +62; signal line is +20

7/2/12; 3:32 PM EST = +46; signal line is +18

7/2/12; 2:47 PM EST = +30; signal line is +17