Keybot the Quant remains bearish and the week begins with a leisurely sideways Veteran's Day of trading. The algo motored along without printing any numbers today. UTIL stays under 408.47 and JJC stays under 40.19 so the markets stagger sideways. The SPX punches above 1773 but ran out of gas since utilities and copper remain in the bear camp. Same dealio for tomorrow. Bulls must go through utilities and/or copper to move equities higher.
For the SPX starting at 1772, the bulls only need 1-1/2 point, to punch up through 1773.50, and the move towards 1780 begins in quick order. The bears need to push under 1768 to accelerate the downside. A move through 1769-1773 is sideways action. If UTIL moves above 508.47 or JJC above 20.19, only 1 of these 2 parameters would be needed, and the SPX moves above 1773.50, and stays above, Keybot will likely flip long. The bears are driving the bus but they continue driving the wrong way down a one-way street.
For the SPX starting at 1772, the bulls only need 1-1/2 point, to punch up through 1773.50, and the move towards 1780 begins in quick order. The bears need to push under 1768 to accelerate the downside. A move through 1769-1773 is sideways action. If UTIL moves above 508.47 or JJC above 20.19, only 1 of these 2 parameters would be needed, and the SPX moves above 1773.50, and stays above, Keybot will likely flip long. The bears are driving the bus but they continue driving the wrong way down a one-way street.
11/17/13;
7:00 PM EST =
11/10/13; 7:00 PM EST
= +30; signal line is +42
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