Tuesday, April 30, 2019


Keybot the Quant is long as the S&P 500 prints a new all-time record high at 2949.52 and new all-time closing high at 2943.03. The algorithm is pegged at the maximum +100 reading representing uber bullishness in the stock market. In the Monday trade, copper fell which ushered in stock market weakness but by mid morning the bulls were jamming copper higher to save the day. Monday was a repeat of Friday with copper. As copper goes, so goes the market.

Copper futures are down -0.6% (due to weak China PMI data) as this message is typed six hours before the opening bell for the US Tuesday regular trading session. Bears must push CPER below 18.07 (now at 18.14 only 7 pennies away) which will occur if the futures remain weak. Bears need copper futures down -0.4% and more to create stock market trouble.

If CPER turns bearish, and if the SPX drops below 2939 (beginning the day at the record high at 2943), Keybot will likely flip short so the imminent turn notation is in the title line. S&P futures are down -2.

Bears will benefit from weaker commodities. Bears need GTX below 2540 (now at 2596) which would be a drop of -2.2%. Bears will also benefit if VIX moves above 16.47 (now at 13.15 about one-half hour into trading; VIX begins trading at 3 AM EST). The market price action remains historic but most people do not realize it.

Keybot prints two pre-scheduled numbers today; one in the morning and the other in the evening for EOM. May trading begins tomorrow but Japan trading is closed until next Tuesday and most of Asia and other countries will not trade tomorrow for May Day.

5/5/19; 7:00 PM EST =
5/3/19; 9:00 AM EST =
4/30/19; 7:00 PM EST EOM =
4/30/19; 10:00 AM EST =
4/29/19; 10:46 AM EST = +100; signal line is +90
4/29/19; 9:36 AM EST = +84; signal line is +90 but algorithm remains long
4/28/19; 7:00 PM EST = +100; signal line is +91

Note Added 7:22 AM EST Tuesday Morning, 4/30/19: Copper prints another dramatic reversal to the upside the bulls jam it from -0.6% a few hours ago to +0.6% now; a big +1.2% intraday turnaround. Three days in a row of three copper stick-saves. Watch copper.

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