Tuesday, June 10, 2014

STOCK MARKET BULLISH -- LONG -- CAUTION

Keybot the Quant remains long as markets idled sideways in Monday trading. Copper becomes more bearish while commodities become more bullish each camp digging in deeper refusing to relinquish control. Thus, status quo and equities float sideways with an upward bias. The bulls push SPX above 1949.50 so price accelerated to a new all-time high at 1955.55. Same-o story today. Bulls need JJC 37.81 to confirm further sustainable market upside while the bears need GTX 4990 to create market selling and lower equity markets. If copper remains bearish, and commodities bullish, respectively, equities float along sideways with an upward bias like yesterday.

For the SPX starting at 1951, the bulls need to move above 1955.50 and another upside acceleration will occur sending price above 1960. The bears need to push under 1947 to accelerate the downside quickly to 1942. A move through 1948-1955 is sideways action. S&P futures are -4 about four hours before the opening bell which would send the SPX price lower to test the 1947 level at the start. If copper keeps creeping lower it is a signal that the upside in equities will fail. If copper reverses and starts moving to the upside again then the bulls are going to run equities higher moving forward.

If the GTX drops under 4990, and the SPX under 1947, and both remain under, Keybot will likely flip short, however, GTX jumped about +1% yesterday and sits at 5026 so the imminent turn notation is removed for now but caution must be maintained. The algo number and signal line are only three points difference showing that markets remain in a bull-bear struggle despite the rally over the last few days.

6/13/14; 10:00 AM EST =
6/8/14; 7:00 PM EST = +63; signal line is +60

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