Keybot the Quant remains long. The algo idles along this week without printing any numbers thus far. Copper tanked on two-day stockpile data that is the largest in 12 years. Market bulls are dealt a serious blow since copper is the last piece of the puzzle to take stocks to new all-time highs. The SPX prints record highs for this year.
Bulls need JJC above 24.47. Bears need RTH under 76.15 and/or XLF under 23.14. If copper remains negative and retail stocks and banks bullish, the stock market will float along sideways with a slight upward bias.
For the SPX starting at 2114 on Wednesday, the bulls need to push above 2119 and bingo, the upside will accelerate well into the 2020's. The market bears need to push under 2110 to accelerate the downside to 2100. A move through 2111-2118 is sideways action for Wednesday. The bulls remain in control of the stock market.
6/10/16;
10:00 AM EST =
6/5/16; 7:00 PM EST =
+80; signal line is +61
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