Keybot the Quant remains bearish moving into the Wednesday session. The bulls had a recovery rally delivered on a silver platter yesterday; all that was needed was a few more pennies higher in the retail or semiconductor sectors and the bulls would have exploded higher. Instead, RTH and SOX collapsed and markets lost early gains. Copper is the key and the large move up yesterday in this metal provided the market's bull fuel. Copper is down -1.2% in early trading today. Watch JJC 40.00 as the bull-bear line in the sand. Equities will float higher if JJC stays above 40 but stocks will sell off if JJC 40 fails. The copper weakness should send JJC down to about 40.19 at the opening bell based on current trading.
For the SPX starting at 1640, the bulls need to move above 1651 to lock in an upside acceleration. Bears need to push under 1634 to accelerate the downside. A move through 1635-1650 is sideways action. Retail and semiconductors remain important concerning market direction, but copper rules the roost overall currently.
9/6/13;
9:00 AM EST =
9/3/13; 9:30 AM EST =
-15; signal line is -7
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.