Keybot the Quant is long moving into the new week of trading. The current markets are a fight between financials and commodities in the bull camp against copper and volatility in the bear camp. Bulls need JJC 40.19 and VIX 15.00 to create upside strength taking the SPX far higher. Bears need GTX 4888 and XLF 20.02 to create market negativity sending the SPX back under 1700 and lower.
For the SPX starting at 1703, the bulls only need a tiny smidge of green in the overnight futures to create an upside acceleration that will likely take out the strong 1706 support and test 1708 and/or 1710. The bears need to push under 1689 to accelerate the downside. A move through 1690-1702 is sideways action for Monday. Watch copper in overnight trading since JJC is at 40.15 basically on top of the 40.19 pivot, thus, as copper goes, so goes the markets. Copper and commodities in general are key and GTX is very near its 4888 pivot as well. China economic data and dollar direction will affect copper and commodities. Keybot prints one pre-scheduled number this week on Thursday morning. The bulls are in control. Markets remain erratic and unstable.
10/20/13;
7:00 PM EST =
10/17/13;
9:00 AM EST =
10/13/13; 7:00 PM EST
= +48; signal line is +7
10/11/13;
2:22 PM EST = +48; signal line is +6
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