Keybot the Quant remains long as the new week of trading is underway. Happy Veterans Day to all the vets. Thank you for your service. The algo does not print any numbers during the Monday session.
The bears need weaker copper, commodities and utilities to create market downside. Bears need CPER under 16.58, GTX below the 2442 palindrome and/or UTIL under 818, respectively. This equates to a -0.7% drop in copper futures, -1.1% drop in commodities and -1.3% drop in utes. If any one of the three fail into the bear camp, consider the imminent turn to the downside to be in play. If one of the three fail, and the SPX slips below 3076, and is trending lower, Keybot will likely flip short. The SPX begins the Tuesday session at 3087.
Copper is the most important parameter currently impacting stock market direction. Thus, bears want to see equities selling off in conjunction with the red metal dropping. If stocks drop but copper remains bullish, stocks will likely recover. If stocks are buoyant but copper becomes soggy, stocks will likely roll over to the downside.
The full moon peaks for the month at 8:34 AM EST tomorrow morning, only 12-1/2 hours away. The overnight scenery outside tonight will be the most lit of the month. Stocks are typically bullish through the full moon each month. This week is OpEx week so typically a Tuesday low leads to a Wednesday high. Thus, the bulls have the wind at their backs the next couple days, into hump day afternoon, but if copper, commodities or utilities fail, the bears will immediately growl.
11/17/19; 7:00 PM EST =
11/10/19; 7:00 PM EST = +88; signal line is +78
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