STOCK MARKET BULLISH -- LONG

Keybot the Quant remains long. The algorithm was quiet last week only printing two numbers and one was the pre-scheduled number. The bulls took the ball out of the gate last Monday and have been in control of the stock market ever since. S&P futures are up over +50 about 6 hours before the US opening bell for the Tuesday session. More vaccine hype to combat the coronavirus (COVID-19), like last Monday, pumps stocks higher. Technically, copper is being goosed which creates the rise in futures (on thin trading).

Bulls need stronger banks to continue the upside move in equities. Bulls need XLF above 22.61 (now at 21.92). The directional move will tell a lot; simply watch to see if the banks are moving higher or lower. Most importantly, the bulls need the SPX above 2989 to signal the all-clear for the stock market for the weeks and months ahead (cyclically). The SPX starts at 2955 so if the futures hold, this critical 2989 will be taken out at the opening bell so watch to see if the bulls can hold the 2989 level. SPX 2989 will tell you a lot about the stock market going forward. Bears will ultimately win if the S&P 500 cannot move back above 2989. Bulls win going forward if the SPX takes out 2989.

Bears need higher volatility to beat back the bulls. Copper is pumped higher giving the bulls the upper hand. Bears need VIX above 33.25 (now at 27.92) to stop any upward movement in stocks.

Keybot prints a pre-scheduled number this morning also one on Friday morning and the EOM for trading is this Friday. May ends and June trading begins on Monday.

5/31/20; 7:00 PM EST EOM =

5/29/20; 10:00 AM EST =

5/26/20; 10:00 AM EST =

5/24/20; 7:00 PM EST = -23; signal line is -43

5/19/20; 9:00 AM EST = -23; signal line is -44