Tuesday, July 23, 2013

STOCK MARKET BULLISH -- LONG

Keybot the Quant remains long. The bears sent JJC back under 39.21 just before lunch time yesterday which marked the SPX high for the day, and new all-time high, near 1698. The bulls maintain buoyancy in markets by beating volatility lower now well under the VIX 14.18 bull-bear line in the sand. Market bears got nothing unless volatility rises. Watch JJC 39.21 as the key metric determining market direction in the Tuesday session. Early trading shows lower copper.

For the SPX starting at 1695.53, a new all-time closing high, the bulls need to touch the 1698 handle and a quick move above 1700 will occur. The bears need to push under 1691 to accelerate the downside. A move through 1692-1697 is sideways action. S&P futures are +3 at this writing about four hours before the U.S. open which would place the SPX on track to touch the 1698 level. The bulls are cruising without concern mainly due to the two-day beating of volatility.

7/26/13; 10:00 AM EST =
7/22/13; 11:44 AM EST = +50; signal line is +30
7/22/13; 10:30 AM EST = +66; signal line is +29

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