Keybot the Quant is long as the new year of trading is underway. The algo number is 33 points above the signal line so the caution flag is lifted for now. Markets remain extremely unstable so do not be surprised if the algo reverses at any time. The algo is tracking three key sectors most greatly impacting market direction; UTIL 466, GTX 4958 and VIX 16.50. Utilities and commodities are contributing bearishly to markets while volatility is contributing bullishly. Any change to these three parameters will send the broad indexes in that direction.
For the SPX starting at 1462, a smidge of positive futures is all that is needed to launch a further upside acceleration, but, at this writing about one hour before the opening bell, the S&P's are down four. The three sectors listed above are more important than SPX price today, since the SPX will follow their lead. The bulls are driving the bus.
1/6/13;
7:00 PM EST =
1/4/13;
9:00 AM EST =
1/2/13; 10:45 AM EST
= +33; signal line is +0
1/2/13;
10:26 AM EST = +47; signal line is -1
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