Keybot the Quant remains long ahead of the Wednesday session. The algo did not print any additional numbers yesterday after the pre-scheduled number. The quant is tracking JJC 43.65, UTIL 464, SOX 391 and NYA 7837. All four start the day contributing to the bullish side with the JJC at 43.91, UTIL 473, SOX 397 and NYA two hundred points above danger at 8034. At this writing copper is down 0.9% today, thus, applying this move to JJC results in a projection of 43.54. Looks like some drama is on tap today. Pay attention to semiconductors as well since a drop in SOX could reach the 391 level in a heart beat. Noticeable broad market selling will occur if JJC falls under 43.65. If one other parameter above fails as well, along with JJC, Keybot will likely flip to the short side.
For the SPX today, starting at 1409, closing in the center of yesterday's range, the bulls need to touch 1414 to accelerate an upside move to test 1419 in quick order. The bears need to push under the very strong support level of 1406 to accelerate the downside. Price would immediately test 1403 and likely fail sending the SPX further south to 1399. A move thru 1407-1412 is sideways action today. Extreme caution is warranted. Keybot has been long for over three weeks and with the projected weakness in copper on tap, the bears may be contemplating a move today.
9/2/12; 7:00 PM EST EOM =
8/31/12; 10:00 AM EST =
8/28/12; 10:00 AM EST = +76; signal line is +51
8/26/12; 7:00 PM EST = +76; signal line is +50
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