Tuesday, June 3, 2014

STOCK MARKET BULLISH - LONG

Keybot the Quant remains long continuing to motor along on the bull caravan. The algo did not print any numbers in the Monday session. The bears are trying to push copper and commodities lower to stop the upside market thrust. The algo is tracking JJC 37.92 and GTX 4970 with interest, respectively. Prices for both are above, in the bull camp, creating broad market lift. Pay attention to GTX 4970 bull-bear line in the sand since price is at 4991 only 21 ticks away. If bears are going to stop the equity market upside, they must push GTX under 4970. Copper is down -0.8% this morning so the JJC should drop about 31 cents to 38.31 at the opening bell but remaining well above the 37.92 danger line. Bears need double this drop to attack the danger line.

For the SPX closing at another new all-time high at 1925, and new all-time intraday high at 1926, the bulls only need to touch the 1926 handle and bingo, price will be above 1930 in quick order. The bears need to push under 1916 to accelerate the downside. A move through 1917-1925 is sideways action. S&P futures are -2 about four hours before the opening bell. The bulls are cruising with their feet up on the dash. Watch copper and commodities to see if the market upside stalls, or not.

6/6/14; 9:00 AM EST =
6/1/14; 7:00 PM EST EOM = +79; signal line is +59

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