Keybot the Quant remains long as the bullish rally continues. The bears put up a fight for the first hour of trading yesterday and then once the RTH went above 58.58, with the SPX at 1912, the fix was in for a bull victory. The SPX punched above 1914.50 so the acceleration was on tap and price closed at 1920. The algo is tracking RTH 58.59 as the key parameter affecting market direction. The bulls are on easy street, however, the lofty +80 algo number indicates a very overbot market. Bears got nothing unless they push RTH back under 58.59 and interestingly, ANN and BIG retail earnings are out today which will impact the retail sector.
For the SPX starting at 1920, having closed on the high, the bulls only need a hair of green in the S&P futures and equities will accelerate higher at the opening bell, however, S&P futures are -2 and have been negative overnight. The bears need to push SPX under 1910 to accelerate the downside. A move through 1911-1919 is sideways action. Keybot prints a pre-scheduled number shortly after the trading session begins. Equities are erratic and unstable. Equities are overbot as per the algo number. Traders are complacent and worry free.
6/1/14;
7:00 PM EST EOM =
5/30/14;
10:00 AM EST =
5/29/14; 10:30 AM EST
= +80; signal line is +58
5/27/14;
10:52 AM EST = +64; signal line is +57
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