STOCK MARKET BULLISH -- LONG -- CAUTION -- TURN MAY BE IMMINENT

Keybot the Quant remains long. As mentioned in previous post, the bears had it on a silver platter with copper dropping but the bulls came in and pumped copper higher to save the day. Comically, Fed Chairman Powell was probably buying copper futures like a madman. So the stock market holds up and the S&P 500 prints a new all-time closing high at 2945.83. President Trump calls for Fed rate cuts and more easy money (QE) creating an intraday 22-point rally in the SPX.

Copper remains key. Bears need CPER below 18.07 (now at 18.18 only 11 pennies away) which would be a -0.6% drop in the red metal. Copper futures were trading flat but hold on Nellie. Wow. Copper is getting flushed right now down -0.7%; this will help bears.

The imminent turn notation is remaining in the title line. If CPER turns bearish, and the SPX drops below 2924 (which would be a 22 point drop off current levels), Keybot will likely flip short. If copper turns bearish, but the SPX does not fall below 2924, a malaise will occur in markets that may then roll over on Thursday. Watch copper.

Keybot prints two pre-scheduled numbers yesterday but the algo did not print any numbers based on the price action during the trading session. Keybot remains at the historic +100 level representing uber bullishness in the stock market. The price action is epic. Everyone is on one side of the boat drinking Fed wine partying like its 1999. The Fed decision is this afternoon. The beat goes on.

5/5/19; 7:00 PM EST =

5/3/19; 9:00 AM EST =

4/30/19; 7:00 PM EST EOM = +100; signal line is +91

4/30/19; 10:00 AM EST = +100; signal line is +91

4/29/19; 10:46 AM EST = +100; signal line is +90

Note Added 8:48 AM EST: Copper drops -1.666% so the bears may want to growl today. S&P futures +9.

Note Added 8:57 AM EST: Copper is slip-sliding away down -1.8%. S&P futures +8.