Keybot the Quant remains long but the bulls are hanging on by a fingernail with the algo number only 1 measly point above the signal line. Utilities fail into the bear camp but the model does not flip short yet.
The SPX 4091-4095 level (write this on a post-it note and stick it on your forehead) is extremely important and will open the door to a new cyclical bull market pattern but price is rejected and spanked lower to 3999.
Utes and commodes are the 2 parameters dictating stock market direction right now, in real-time. Both are bearish creating market weakness. Watch utilities closely today. UTIL 975.20 is the key bull/bear line in the sand. UTIL begins the Tuesday session at 970.23 in the bear camp. If UTIL jogs above and below 975 a time or few today, and resolves lower, consider that an indication that the quant wants to flip short and the imminent turn to the short side would be in play.
If UTIL regains 975 and is heading higher, the bulls are back in business. Likewise, if GTX regains 3590, the bulls can celebrate with the upside in stocks extending higher.
It is somewhat of a standoff between bulls and bears right now, a big intraday recovery day Friday, then a collapse yesterday. Watch UTIL 975 today to see if there is any price activity.
12/11/22;
7:00 PM EST =
12/9/22;
10:00 AM EST =
12/4/22;
7:00 PM EST = +25; signal line is +24
12/4/22;
7:00 PM EST = +41; signal line is +24
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.