Keybot the Quant is long ahead of the new trading week. The bulls maintained buoyancy last week by keeping copper elevated. Utilities, however, rolled over which initiated broad market selling but by late day Friday UTIL returned to the bull camp. The quant is tracking four parameters that are most greatly impacting the broad markets currently; JJC 43.61, UTIL 464, SOX 389 and NYA 7808. All four are bullish allowing markets to continue floating upwards. If any one of the four drops under the level listed, the broad indexes will be selling off. If two of the four fail, the markets are in serious trouble and Keybot will likely flip to the short side.
For the SPX for Monday starting at 1411, the bulls need to push up thru 1413.50, holding that level for a few minutes, and an upside market acceleration will occur with the SPX testing 1419 in quick order. The bulls need to push under 1398 to accelerate the downside which would cause a drop to 1391. A move thru 1399-1412 is sideways action. Extreme caution is warranted. Markets remain erratic and unstable. The algo prints one pre-scheduled number on Tuesday morning and another on Friday morning this week.
9/2/12; 7:00 PM EST EOM =
8/31/12; 10:00 AM EST =
8/28/12; 10:00 AM EST =
8/26/12; 7:00 PM EST = +76; signal line is +50
8/24/12; 3:42 PM EST = +76; signal line is +49
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