Keybot the Quant is long moving into the Wednesday session. JJC is 37.48 two pennies on the bear side of the critical 37.50 level, identified by the algo, as the key bull-bear line in the sand. Copper has a major impact on market direction currently. So does financials. XLF is 21.93 on the bull side of the 21.80 bull-bear line in the sand which helped the bulls maintain buoyant equities on Tuesday. Bulls need JJC above 37.50 and it is smooth sailing higher for equities. Watch the copper trading overnight. Bears need to push XLF under 21.80 and market selling will return in force. If XLF drops under 21.80, and the SPX drops under 1871, Keybot will likely flip short.
For the SPX starting at 1878, the bulls need to touch the 1881 handle and an upside acceleration will occur. If copper is higher the bulls will catapult strongly higher. The bears need to drop under 1871 to accelerate the downside. A move through 1872-1880 is sideways action for Wednesday. The FOMC Rate Decision is Wednesday afternoon which will pivot markets. The bulls are driving the bus but if the bears create weakness in banks things can turn sour very quickly.
5/2/14;
9:00 AM EST =
4/30/14;
7:00 PM EST EOM =
4/29/14; 11:00 AM EST
= +49; signal line is +40
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