Monday, June 6, 2016

STOCK MARKET BULLISH -- LONG

Keybot the Quant remains long and the algorithm idles along all day Monday without printing any numbers to begin the week. Copper traded higher overnight but as the day went on it lost its gusto. JJC came up pennies from the 24.50 the market bulls need to signal the all-clear for new stock market all-time highs ahead. It is interesting that copper came up to the level identified by Keybot, and stalled.

Bulls need JJC above 24.50 to prove they can take stocks higher. Bears need RTH under 76.12 to prove they can take stocks lower. If copper remains bearish and retail stocks bullish, the stock market will float along sideways with an upward bias.

For Tuesday with the SPX starting at 2109, the bulls need to push above 2113 and bingo, stocks will accelerate higher towards 2120. The bears need to push below 2101 to accelerate the downside toward the low 2090's. A move through 2102-2112 is sideways action for Tuesday.

Bulls will rejoice if copper trades higher overnight and positive news occurs from a major retailer or two. Bears will celebrate if copper trades negative overnight and if negative news occurs from the retailers. Copper is currently trading down a smidge on Monday evening as this message is posted. Trading is underway in Asia and Australia markets for Tuesday.

6/12/16; 7:00 PM EST =
6/10/16; 10:00 AM EST =
6/5/16; 7:00 PM EST = +80; signal line is +61

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