Keybot the Quant remains long but the algo number is only 3 measly points above the signal line. Caution is warranted since the stock market remains a coin-flip.
Copper likely holds the key today. CPER 24.17 is a bull/bear line in the sand identified by the quant and price begins at 24.56. This represents a -1.6% loss to stop the rally and create sustainable weakness going forward. Copper futures are down -0.5% right now; they were positive about 2 hours ago. The bears may be puffing their chests out but they still need another percent of downside in the red metal to prove that they can take stocks lower.
Utilities remain key. UTIL begins the week at 953.58 call it 954. Bulls need 979 to create a huge upside rally in the US stock market. If UTIL instead stumbles lower, that forecasts bad things ahead for stocks as the weeks play out. A failure at UTIL 921.17 will cause doom and gloom for stocks. Any move lower towards the 913-927 range during the next 3 weeks should be viewed as extremely negative for the stock market going forward on a weekly basis.
If CPER loses 24.17 today, consider the imminent turn to the downside to be in play, and if the SPX loses 4123 trending lower, Keybot the Quant will likely flip short.
Keybot prints one pre-scheduled number this week on Friday morning.
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
2/3/23;
9:00 AM EST = +45; signal line is +41
2/2/23;
1:27 PM EST = +45; signal line is +40
2/2/23;
10:27 AM EST = +61; signal line is +40
1/31/23;
7:00 PM EST EOM = +45; signal line is +38
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