Keybot the Quant remains long as the chop suey continues. The quant did not print any numbers during the whole week yet. The pre-scheduled number prints shortly after the opening bell today. The markets remain a toss-up with algo number only 3 points above the signal line. Bulls need stronger commodities and utilities to maintain the rally.
Bears need weaker retail stocks, copper and/or utilities to turn the tables on the bulls. Bears need RTH below 165.00, CPER below 24.25 and/or UTIL below 921.17, respectively, to create a strong leg lower in stocks. If any 1 of the 3 flip bearish, consider the imminent turn to be in play, and then if the SPX is below 4070 trending lower, Keybot the Quant will likely flip short.
If stocks drop, and that may be on tap with the S&P futures down -27 about 2 hours before the opening bell, watch the 3 parameters. If stocks puke but none of the 3 turn bearish, that tells you that stocks will likely recover and begin a relief rally.
If stocks drop and 1 of the 3 fail, lookout since things can turn very negative. If UTIL 921 fails, there will likely be Hell to pay.
Today is a big day for the US stock market that will likely tip its hand on where it wants to go.
2/12/23;
7:00 PM EST =
2/10/23;
10:00 AM EST =
2/5/23;
7:00 PM EST = +45; signal line is +42
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