Keybot the Quant remains short. GTX failed through 2366.80 which maintains stock market negativity but the bears are jipped. More downside in the SPX would be expected with copper and commodities both now in the bear camp.
For Wednesday, the bulls need higher copper or committees, JJC above 30.52 and/or GTX above 2366.80, respectively. The bears need weaker retail stocks by pushing RTH below 78.00.
For the SPX starting at 2368, the bulls need to push above 2375 and the upside will accelerate to 2380 in a flash. The bears need to push below 2366 and stocks will accelerate strongly lower with the SPX dropping into the 2350's very quickly. A move through 2367-2374 is sideways action for hump day.
The algo number is 20 points below the signal line so the bears are starting to cruise. Bears win big with RTH below 78.00. Bulls will stop the downside in stocks with GTX 2366.80. Stocks may stagger sideways until the ECB rate decision and President Draghi press conference on Thursday morning one day away.
3/10/17;
9:00 AM EST =
3/7/17; 10:17 AM EST
= +70; signal line is +90
3/6/17;
1:18 PM EST = +84; signal line is +91
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