Keybot the Quant is long to start the new trading week and first full week of trading for August. The SPX parked itself on important and strong resistance at 1391. Above 1391 leads the way to 1403. For the bulls to move markets over 1400 and higher, copper must cooperate. Use JJC 44 as a guide. If JJC moves above 44, now at 42.61, the bulls will move substantially to the upside, well over SPX 1400 on the way to 1425. The bears must prevent JJC 44 with all their might.
For the SPX, bulls need to touch 1394 and the upside will run over 1400 in short order, and then JJC 44 will decide if the upside is limited, or not. The bears need to see red futures overnight tonight and start the week on a down note, keeping the SPX under 1391 and JJC under 44 to stop the upside momo. The markets remain very vulnerable as the two-month jagged sideways action continues. The algo does not print any pre-scheduled numbers this week so the program will print purely in response to the market action, or lack thereof. Extreme caution is warranted.
8/12/12; 7:00 PM EST =
8/5/12; 7:00 PM EST = +60; signal line is +42
8/3/12; 9:30 AM EST = +60; signal line is +41; go long 1377; (Benchmark SPX for 2012 = +9.5%)(Keybot this trade = -1.2%; Keybot for 2012 = +9.2%)(Actual this trade = -3.3%; Actual for 2012 = +2.5%)
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