Keybot the Quant remains long. The ECB rate decision is only about one hour away. The algo motored along yesterday printing two numbers due to the erratic and unstable volatility. Of course markets will directly react off of Draghi's decision shortly but note that the algo number is only 15 points away from the signal line. VIX is above 18.80 which is bearish. RTH is above 42.15 which is bullish. NYA is above 7760 which is bullish. Watch for any changes in these parameters since the markets will move in that respective direction.
For the SPX today, in the Thursday session, starting at 1375, the bears have the easier path to victory, only needing two points lower, to push under 1373, and the SPX will test the strong 1366 support in quick order. The bulls need ten points, to touch the 1385 handle, if so, then an upside acceleration will occur with the SPX attacking the strong 1391 resistance. A move thru 1374-1384 is sideways action. The markets are in Draghi's hands. Watch the futures to see who wins. At this writing, moving towards 6:30 AM EST, the S&P's are up six anticipating happy talk. Stay alert, a turn may be imminent.
8/5/12; 7:00 PM EST =
8/3/12; 9:00 AM EST =
8/1/12; 3:59 PM EST = +46; signal line is +31
8/1/12; 10:35 AM EST = +60; signal line is +28
7/31/12; 7:00 PM EST EOM = +46; signal line is +27
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