Tuesday, June 4, 2013

STOCK MARKET BEARISH -- SHORT -- CAUTION -- TURN MAY BE IMMINENT

Keybot the Quant remains bearish heading into the Tuesday session. The bears had the markets on a silver platter yesterday, creating a failure in utilities, but the bulls managed to recover sending utilities higher and saving the day. Utilities (UTIL) and copper (JJC) remain key and will dictate market direction today. Watch UTIL 480.80 and 477.91. If UTIL falls under 480.80, markets will noticeably weaken, if 477.91 fails, markets will be moving far lower. Watch JJC 41.38 with price only pennies away. If JJC 41.38 and higher prints today, the bulls will be running markets higher.  If JJC moves above 41.38, and the SPX moves above 1641, it is likely that Keybot will flip to the long side, hence the imminent turn signal is placed in the title line.

For the SPX today starting at 1640, closing at the highs, the bulls only need to touch the 1641 handle and it will be off to the races higher with a move to test 1649-1650 resistance. The bears need to push under 1623 to regain their mojo. A move through 1624-1640 is sideways action today. The S&P futures are flat at this writing about 3 1/2 hours before the U.S. open with copper firmly higher.

6/7/13; 9:00 AM EST =
6/3/13; 10:08 AM EST = +36; signal line is +37
6/3/13; 10:02 AM EST = +20; signal line is +37

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