Keybot the Quant remains short with the algo number 12 points below the signal line. That is not a lot so the caution flag is out. The bulls pumped retail stocks higher on Friday to stop the selling in the stock market and begin fighting back.
RTH 205.14 is the bull/bear land in the sand with price at 205.27 in the bull camp but it is a game of pennies. RTH is above 205.14 so the bulls are back in the game pinning their hopes on dip-buyers. If RTH drops below 205.14, the stock market is toast again and equities will resume the path lower.
Bears also need weaker banks and utilities to create further stock market carnage but both sectors have been joyous over the last month.
The bulls need stronger chips and commodities and lower volatility. All 3 are creating stock market negativity. SOX 5320, GTX 3666 and VIX 13.91 are the key bull/bear lines in the sand. If any 1 of the 3 turn bullish (remember, the VIX moves inversely to stocks), consider the imminent turn to the long side to be in play, and the quant is likely getting ready to flip long. The SPX would need to be above 5488 heading higher.
Bulls need to maintain strength in retail stocks and pump them up higher in the days ahead (watch Scamazon) at the same time pumping chips and commodities higher and volatility lower.
Bears need to push RTH below 205.14 or they will begin to fold like a cheap suit.
8/4/24;
7:00 PM EST =
8/2/24;
9:00 AM EST =
7/31/24;
7:00 PM EST EOM =
7/30/24;
10:00 AM EST =
7/28/24;
7:00 PM EST = +1; signal line is
+13
7/26/24;
10:41 AM EST = +1; signal line
is +14
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