Keybot the Quant remains in the bull camp as the banks win the day creating another leg higher in stocks. Utes, retail and volatility remain bullish and the financials join the upside in Party Town. The algo number is 33 points above the signal line building a comfortable lead.
The banks and copper are battling deciding the path forward for the stock market. Bulls will remain happy if XLF stays above 33.68 and will create another upside leg in stocks if copper rallies. Bulls need CPER above 21.88 to unleash big upside ahead. CPER is at 21.33 so that is 55 cents the bulls need which is 2.6%. Look at that. The bulls are pumping copper futures this morning up +2.0%. It looks like the bulls want to maintain happy stocks into the weekend and are trying for a big stock market rally if they can push copper +2.7% higher.
Conversely, the bears want copper to remain weak and the XLF to collapse under 33.68 to prove that the upside rally in stocks is finished.
UTIL is at 1046 and needs to stay above 1020.31 for all of next week to maintain the bull party. Check UTIL at the end of the session. As long as price is above 1020, next week will shape up as positive but if utes collapse today and UTIL ends the week sub 1020, it will be a negative issue for next week.
9/11/22;
7:00 PM EST =
9/8/22;
10:21 AM EST = +12; signal line is -21
9/7/22; 12:32 PM EST = -4; signal line is -22
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