Keybot the Quant remains short. Utilities were the final nail in the stock market's coffin last week. It is remarkable that UTIL actually fell to that 888 number called out in the previous post (before it happened). It did not appear likely days before. The stock market did not wait around for this week instead flushing all equities lower as the utes crumbled.
Utilities will continue adding to the stock market malaise this week unless the bulls can push UTIL back above 954 and then 977. It is a tall order starting from 888.
Bears are in control. The algo number is 13 points below the signal line which is not as much of an advantage for the bears as would be expected considering the market carnage. Bulls need higher utilities and commodities and lower volatility. OPEC is cutting supplies so oil prices will rise boosting commodities.
Keystone prints a pre-scheduled number this week on Friday morning before the opening bell.
10/9/22; 7:00 PM EST =
10/7/22; 9:00 AM EST =
10/2/22;
7:00 PM EST EOM EOQ3 = -48; signal line is -35
9/30/22;
10:00 AM EST = -48; signal line is -34
9/27/22;
10:00 AM EST = -48; signal line is -33
9/26/22;
9:38 AM EST = -50; signal line is -33
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