Keybot the Quant remains long and has been idling along thus far this week without printing any numbers. The stock market rallies strongly but not enough to push retail stocks into bull territory. The market bulls need RTH above 75.70 (now at 75.45) to prove they can take the stock market higher. If the retail stocks do not cooperate, the upside in equities will stall and peter out. Higher copper will also help bulls.
Bears need to keep retail stocks and copper weak and at the same time push commodities lower and volatility higher. The US dollar will be important since its direction will send copper and commodities in the opposite direction.
For Wednesday with the SPX starting at 2076, the bulls need to touch the 2080 handle and bingo, the stock market will accelerate higher. The bears need to push under 2053 a formidable task so bears will focus on dealing with the parameters explained above. A move through 2054-2079 is sideways action. The bulls are in charge with the algo number 6 points above the signal line. Watch RTH 75.70. The beat goes on.
5/29/16;
7:00 PM EST =
5/27/16;
10:00 AM EST =
5/22/16; 7:00 PM EST
= +63; signal line is +57
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.