Keybot the Quant remains long as the bulls and bears continue battling on the tightrope. The status is quo with the algo number and signal line both at +45 neither one willing to budge. The quant idles along this week not printing any numbers so far. The key parameters in play right now will not flinch so stocks are jumpy stumbling sideways.
Same dealio as the prior message. Bulls need stronger commodities to keep the upside party going but that appears weak overnight and in the pre-market. Bulls need GTX above 3474 (now at 3444) to signal the all-clear for more upside.
Bears need weaker retail stocks and copper but these two parameters remain bullish. Bears need RTH below 165.20 (now at 167.11) and/or CPER below 24.28 (now at 24.90). Retail stocks need to drop about -1.2% today to create stock market negativity. Scamazon (AMZN) is down -0.6% in the pre-market. AAPL -0.8%. Retail Sales data is on tap at 8:30 AM EST. Copper futures need to drop about -2.5% and are currently down -1.4% so the bears have more work to do.
If RTH or CPER turn bearish, either one will do, and the SPX drops below 4095 trending lower, Keybot the Quant will likely flip short. If GTX pops above 3474, stocks will take another leg higher.
S&P futures are down 17 points, -0.4%. Watch GTX, RTH and CPER since one of them will flinch. It looks like the best chance is RTH especially with Amazon and Apple soggy in the pre-market and Retail Sales on tap. Time will tell.
2/19/23;
7:00 PM EST =
2/16/23;
9:00 AM EST =
2/12/23;
7:00 PM EST = +45; signal line is +45 but algorithm remains long
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