Keybot the Quant is long after a wild up day on Wall Street. The markets are news-driven and the Washington, D.C., political negotiations affecting markets continue into this evening. For Friday, bears need UTIL under 485.90, XLF under 20.02 and/or GTX 4888. Any one of these three parameters will place a ceiling on the market upside. Bank earnings before the bell will directly move the XLF which in turn will directly move equities. The bulls need to keep utes, financials and commodities bullish, and push JJC (copper) above 40.19 to receive additional upside fuel.
For the SPX, since it closed at the high at 1692.56, the bulls only need to see one tiny hair of positivity in the futures overnight and it will be a continued rally higher tomorrow to 1697-1698 then 1706. The bears are trying to stop the upside momo and will accomplish that as described above. The bulls are cruising. Things sure did change quickly. Markets remain highly unstable, erratic and indecisive.
10/13/13;
7:00 PM EST =
10/11/13;
10:00 AM EST =
10/10/13; 1:42 PM EST
= +48; signal line is +3
10/10/13;
11:36 AM EST = +32; signal line is +2
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