Keybot the Quant is long moving into the Friday session. Copper collapsed yesterday, JJC dropping under 39.94, so this places a lid on the market upside. Bulls need to regain JJC 39.94 to send equities higher. Copper is up slightly in early trading but not enough to send JJC substantially higher, yet. Volatility remains under the important VIX 14.58 number, continuously calculated by the algo, which creates bull market fuel. Market bears need to push the VIX above 14.58 to send equities lower.
For the SPX starting at 1683, the bulls need to touch the 1690 handle and the upside will accelerate beginning the trek to 1700+. The bears have an easier path, only needing to push under 1682, a point or so lower, to accelerate the downside towards 1675 and 1669 support levels. A move through 1683-1689 is sideways action. Keybot prints a pre-scheduled number this morning. The bulls remain in control. Watch JJC 39.94, VIX 14.58 and SPX 1690 and 1682. If VIX moves above 14.58, the caution flag will be required since the bears will be pushing equities lower.
9/15/13;
7:00 PM EST =
9/13/13;
10:00 AM EST =
9/12/13; 9:30 AM EST
= +31; signal line is -0
9/11/13;
10:05 AM EST = +47; signal line is -1
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.