Keybot the Quant remains long. The bulls are cruising without worry. The futures point to a strongly higher opening today. The market bears got nothing unless they can increase volatility back above VIX 14.27. The bulls will be targeting copper today to push JJC above 39.20 to create further upside market fuel. Copper is up +3% this morning about four hours in front of the opening bell for equities, so this would place JJC in the vicinity of 38.90, shy of the 39.20 bull-bear line in the sand, but very near it.
For the SPX today starting at 1653, the bulls need to touch the 1658 handle to accelerate the upside, and the futures point in that direction. Price should run higher to test 1666 and 1669 resistance. Bulls need to push JJC above 39.20 to continue the upside party. Bears need to push VIX above 14.27 to initiate market selling. Markets remain erratic and unstable. The bulls are in full control with the algo number 43 points above the signal line.
7/14/13;
7:00 PM EST =
7/12/13;
10:00 AM EST =
7/10/13; 4:00 PM EST
= +49; signal line is +6
7/10/13; 2:37 PM EST
= +35; signal line is +3
7/10/13; 2:12 PM EST
= +49; signal line is +1
7/8/13;
10:20 AM EST = +35; signal line is -2
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