Keybot the Quant remains long. The bears jump into the ring this morning and promptly run head first into the bulls fist knocking them unconscious. The bulls walk to victory to begin the week and remain in charge of stock market direction with the algo number 47 points above the signal line. Stocks run euphorically higher.
The quant is tracking utes and volatility, and copper, as the three key parameters impacting market direction currently. All three are in the bull camp, hence, the US stock market, the S&P 500 Index, prints a new all-time record high at 3915.77 and a new all-time record closing high at 3915.59 today, Monday, 2/8/21.
Bears need UTIL below the 858 palindrome, the VIX above 24.60 and copper futures down about -3.5%. Any one of these turning bearish will immediately stop the stock market rally and send equities sideways. Two of them will create selling action in stocks. All three turning bearish will send the stock market strongly lower and likely flip the model short.
That is a big drop to ask for with copper but you never know. UTIL and VIX may turn bearish over the next day or two. Pay attention to UTIL 858 which would tell you the upside in stocks is likely over.
2/14/21;
7:00 PM EST =
2/12/21;
10:00 AM EST =
2/8/21;
9:36 AM EST = +80; signal line is +33
2/7/21; 7:00 PM EST = +64; signal line is +31
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