Keybot the Quant remains long moving into the Thursday session. Copper and volatility continue to dictate market direction. Watch JJC 39.21 (now below causing bearishness) and VIX 14.18 (now below causing bullishness). The algo is now tracking several other parameters that are starting to impact market direction, in order of importance; semiconductors, commodities and utilities, SOX 470.90, GTX 4785 and UTIL 481.25 and 523.32. SOX price is above the number listed causing market bullishness, ditto GTX. UTIL is at 499.70 between the two key numbers listed. Bulls need to move UTIL above 523.32 and bears need to move below 481.25. Any changes to any of the parameters above will immediately send markets in that same direction.
For the SPX starting at 1686, the bulls need to move above 1698 to accelerate the upside while the bears need to move below 1683 to accelerate the downside. A move through 1684-1697 is sideways action. JJC 39.21 is the most important parameter currently affecting market direction. Watch copper overnight since that will likely dictate broad market direction for Thursday. If JJC stays under 39.21, the top may be in for the SPX. If one of the parameters above flip to the bear camp, Keybot may flip to the short side. Markets remain unstable.
7/26/13;
10:00 AM EST =
7/24/13; 12:23 PM EST
= +50; signal line is +34
7/23/13;
10:57 AM EST = +66; signal line is +33
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