Keybot the Quant remains short. The wild choppy whipsaw market action will likely continue due to the elevated volatility. The bears are in control with the algo number 6 points below the signal line to begin the new week of trading.
The bears need UTIL under 729.37. This number is key for the entire week ahead. UTIL closed at 724 on Friday so at the opening bell the bears are going to receive downside juice from the weaker utilities. IF UTIL pops above 729.37, the stock market will build on a relief rally higher.
Bears will also create more carnage if CPER drops under 17.36 and/or the SPX below 2747. The SPX 2747 is a major stock market level where a crash scenario will be on the table if it fails.
The bulls must push UTIL above 729.37, NYA above 12806 and/or XLF above 27.83 to keep creating buoyancy and a potential rally with stocks. Keybot prints one pre-scheduled number this week on Wednesday morning.
10/21/18;
7:00 PM EST =
10/17/18;
9:00 AM EST =
10/14/18; 7:00 PM EST =
+24; signal line is +30
10/12/18;
3:01 PM EST = +24; signal line is +31
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.