Keybot the Quant is short despite the bull orgy the last few days. The SPX price is about 26 handles above where the algo went short. It is not uncharacteristic for Keybot to exhibit this behavior now and then. The algo has moved to as much as 30 handles or so in the opposite direction without flipping to that side, but this behavior is infrequent. Keybot is held back from going long due to utilities remaining in the bear camp. The bulls push copper higher, JJC above 40.19, providing today's upside juice. Tomorrow is a big day for markets with a fight between copper and utes. Market bulls win with UTIL 506.22 and bears win with JJC 40.19. Watch copper in overnight trading.
For the SPX, starting at new all-time highs once again at 1772, the bulls only need to see a smidge of green in the overnight S&P futures and it is off to the races higher once again with 1780 targeted. The bears need to push under 1763 to accelerate the downside. A move through 1764-1771 is sideways action. If UTIL moves above 506.22, and the SPX moves above 1772, and both remain above, Keybot will likely flip long, hence the imminent turn status. Bears need weak copper to remain in the game and press the downside.
10/31/13;
7:00 PM EST EOM =
10/29/13; 2:05 PM EST
= +46; signal line is +56
10/29/13;
1:33 PM EST = +30; signal line is +57
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