Keybot the Quant remains long. The markets continued along in a sideways range and the algo did not print any numbers today. The SPX 1415 level failed in early trading ushering in 1412 but the bulls recovered. Copper fell out of bed. Bulls cannot pull the markets higher without copper. Keep watching JJC 43.65. Price lost a half buck today and will begin tomorrow at 42.85. Also watch utilites, UTIL 472.
For the SPX, starting at 1418, the bulls have the same set-up as last evening. The bulls only need a smidge of green in the futures and they will launch the SPX thru the 1419 and 1422 levels and higher to test 1425. The bears must keep the overnight futures negative and revisit todays lows, and push under 1412 to accelerate a more substantial down move. A move thru 1413-1417 is sideways action. Do not let the sideways move lull you into complacency. Stay on guard. Expect the unexpected.
8/26/12; 7:00 PM EST =
8/19/12; 7:00 PM EST = +60; signal line is +47
8/17/12; 10:00 AM EST = +60; signal line is +46
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