Keybot the Quant is long even after the utilities UTIL 472 level ruptured a short time ago. UTIL failed before 11 AM and it is quite remarkable to see the broad indexes holding up this well, the SPX now printing 1407. The 1407 failed this morning ushering in a low at 1403.90 so far today. JJC stays well above 44, bullish, and the SOX remains a few dollars elevated above 389, bullish. Keep an eye on UTIL 472 which will continue to usher in market weakness if price stays under 472. Keybot will likely want to flip to the short side if either SOX 389 and/or JJC 43.61 fails. The utility failure is a very big deal, violating long-term bullishness in that sector since April, four months ago. The quant is now tracking the NYA 40-week MA again, this tried and true indicator of intermediate-term market moves. Watch NYA 7808, now at 8041, only a couple hundred points above. Loss of NYA 7808 will guarantee strong downward action ongoing in the broad indexes. Stay on guard, markets may be at an inflection point. UTIL 472 will tell you a lot today.
8/26/12; 7:00 PM EST =
8/23/12; 10:52 AM EST = +60; signal line is +48
8/21/12; 3:44 PM EST = +76; signal line is +48
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