Keybot the Quant remains long moving into the new week of holiday-shortened trading. The stock market will close early at 1 PM EST on Wednesday, Christmas Eve, and will remain closed through Thursday, Christmas. Markets will reopen on Friday. So the week begins with two full days of trading Monday and Tuesday.
The bulls slapped the bears in the face last week. Market bears must push NYA under 10755 (now at 10890) or they will crumble. The market bulls need to push copper higher, JJC above 35.85, and/or VIX under 14.70, to create additional legs of market upside. JJC begins the week at 34.82 and VIX is at 16.49. If NYA remains bullish, and JJC and VIX bearish, stocks will float along sideways with an upward bias.
For the SPX starting at 2071 on Monday, the bulls need to touch the 2078 handle and bingo, a strong upside acceleration will occur well into the 2080's and seal the bear's fate. This would occur in concert with copper or volatility turning bullish as described above. The bears need to push under 2061 to accelerate the downside and reintroduce market negativity. A move through 2062-2077 is sideways action. The bulls are in firm control. Keybot prints one pre-scheduled number this week on Tuesday morning shortly after markets begin trading.
12/28/14;
7:00 PM EST =
12/23/14;
10:00 AM EST =
12/21/14; 7:00 PM EST
= +46; signal line is +32
12/18/14;
3:01 PM EST = +46; signal line is +31
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.