Keybot the Quant is long going into the Thursday session. The algorithm motored along yesterday without printing any numbers. The algo number is only six ticks away from the signal line. Watch UTIL 468, RTH 45.45, GTX 4930, XLF 17.20 and VIX 15.70. If any of the levels are touched, Keybot will likely flip to the short side. The bulls need to push JJC back up above 46.35 to stop the market slide but copper is further weakening this morning.
For the SPX starting at 1512, the bulls need to retrace yesterday's move, a formidable task, so instead they will simply try to prevent more downside and that can be accomplished if all five parameters above stay in the bull camp. The bears only need a smidge of negativity in the futures and the downside will continue, the SPX likely testing strong support at 1505. A move through 1513-1530 is sideways action today. A turn may be imminent. Keybot has been long since 12/31/12, about two months. Pay close attention to RTH 45.45 and VIX 15.70.
2/24/13;
7:00 PM EST =
2/20/13; 9:00 AM EST
= +63; signal line is +57
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