The SPX jumps higher to 3258 but interestingly, UTIL only makes it to 829 well short of the 835 plus the bulls need to signal guaranteed stock market joy and new record highs in the future. Bulls need UTIL above 835.50 to prove they will be the champion going forward.
Bears need weaker utes and to push UTIL below 823.98 as fast as possible. This will create stock market sogginess and end the upside rally. Bears also need NYA below 12455. NYA shot up to 12670 yesterday during the bull parade up +1.666% this week thus far.
Utilities and the NYA index dictate the stock market path ahead. If UTIL and NYA remain status quo, or if UTIL moves above 835, the bulls are on easy street going forward.
If UTIL loses 824, or if NYA loses 12455, either one will do, and if the SPX drops below 3228 trending lower, Keybot will likely flip short, hence the imminent turn notation is in the title line. So bears would need about a 30 point drop in the S&P 500 today to flip the tables on the bulls. S&P futures are -9.
Keybot prints a pre-scheduled number tomorrow morning one-half hour after the market opens. Utes are key. If you are bullish, you want utilities steady or moving higher. If bearish, you want utes to collapse lower and preferably to see UTIL lose 824 which will usher in stock market weakness. The price action remains erratic and unstable.
8/2/20;
7:00 PM EST EOM =
7/31/20;
10:00 AM EST =
7/28/20;
3:59 PM EST = +53; signal line is +49
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.