Keybot the Quant remains long moving into the Friday session. The bulls are riding a wave of upside glory and in full control of markets. Bears got nothing unless they either push RTH under 58.96 and/or JJC under 37.46. The bulls push the retail sector and copper higher and it is very surprising the broad indexes did not move strongly higher. If RTH and JJC remain bullish, markets will run strongly higher into the weekend.
The algo has not printed at the lofty 79 number since a few 78 prints in October that led to a 50-handle pull-back in the SPX. Another 79 print occurred mid-September identifying the market top that resulted in a 90-handle pull back in the SPX. Thus, enjoy the bull ride but Keybot is signaling overbot conditions which will likely correct over the coming week or three. The algo only sees 1's and 0's, however, so time will tell to see how it works out.
For the SPX starting at 1879, the bulls need to poke up through 1884 to accelerate the upside. The bears need to push under 1870 to accelerate the downside. A move through 1871-1883 is sideways action. Keybot prints a pre-scheduled number Friday morning. The bulls are cruising without a care in the world. The algo number is 51 points above the signal line.
4/27/14;
7:00 PM EST =
4/25/14;
10:00 AM EST =
4/24/14; 10:47 AM EST
= +79; signal line is +28
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