Keybot the Quant remains short and quietly idled along without printing any numbers, unimpressed with today's market action. The SPX failed at 1277 this morning and then accelerated down to test 1267-1268 support, bounced, and closed where it started at 1278. Utilities, UTIL, lost a couple points but remains elevated. The SPX 12-month MA is key so watch 1290. The bear's are cruising but quantitative easing may occur at any time.
For the SPX starting at 1278, the bears need to push thru 1267 and another down leg will accelerate for the markets with SPX heading towards the starting year number at 1258. The bulls need to move up and over 1282.50. If the bulls can hold this level for more than five minutes, they can accelerate the broad indexes higher and the SPX will move upwards to test the critical 1290 mentioned above. A move thru 1269-1281 is sideways action.
6/10/12; 7:00 PM EST =
6/3/12; 7:00 PM EST = -44 signal line -22
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