Keybot the Quant remains long as the sideways action plays out. The algo did not print any numbers during trading last week and so far this week has not printed any numbers. The SPX punched thru 1406 at the open this morning which led to an upside acceleration to the 1410 resistance where the SPX fell on its sword. The SPX closed at 1404 maintaining the sideways channel thru 1399-1406. For Wednesday, the bulls need to touch the 1410 handle again, if so, an upside acceleration will occur with an immediate test of 1413, then higher. The bears need to push under 1401 to ignite a downside acceleration towards 1391. A move thru 1402-1409 is sideways action. Two pre-scheduled numbers will print this week. Markets are trading under multi-year low volume and low volatility conditions and remain erratic and unstable. Caution is warranted.
8/19/12; 7:00 PM EST =
8/17/12; 10:00 AM EST =
8/16/12; 9:00 AM EST =
8/12/12; 7:00 PM EST = +60; signal line is +44
8/5/12; 7:00 PM EST = +60; signal line is +42
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