Wednesday, October 23, 2013

STOCK MARKET BULLISH -- LONG -- CAUTION -- TURN MAY BE IMMINENT

Keybot the Quant is long moving into the Wednesday session. The bulls were running yesterday again with the SPX printing new all-time highs. GTX drops under 4890 which helped the bears maintain a 1759.33 all-time high ceiling. UTIL is breaking out to the upside which will help the bulls moving forward. If UTIL stays above 500 over the next month this will help maintain elevated equity markets. If UTIL drops under 500, and under 498 for the remainder of this week, this will signal trouble ahead for the broad indexes. Watch JJC 40.19 and VIX 14.79, both causing market bullishness. Copper is weak in early trading. Elevated copper prices over the last couple weeks are instrumental in moving equities higher.

For the SPX starting at 1755, the bulls need to touch the 1760 handle and another multi-handle upside orgy will result. The bears need to push under 1747 to accelerate the downside. A move through 1748-1759 is sideways action. S&P futures are -11 at this writing about 5 hours before the opening bell which would test the lower bear goal for today. If UTIL 498, JJC 40.19 and/or VIX 14.79 turn bearish, any 1 of the 3, and the SPX drops under 1747, and stays under, Keybot will likely flip short. Remain cautious. Markets are erratic, unstable and not to be trusted.

10/25/13; 10:00 AM EST =
10/22/13; 10:45 AM EST = +64; signal line is +60
10/22/13; 9:50 AM EST = +78; signal line is +59

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