Keybot the Quant remains short through the roller coaster ride of bank insolvencies. The bears remain in control of the stock market with the algo number 10 points below the signal line.
Comically, semiconductors are the only only major parameter holding up the US stock market. Anyone long the market better hope the chips do not crack or crumble but that is rarely the case for a bag of potato chips.
Bears need to pull SOX below 2930 (now at 3084). If they succeed, it is completely over for the stock market. Bloody carnage will be the fate each day forward.
Bulls need to desperately keep the chips elevated while pulling the SPX and copper higher. You saw on Friday how the SPX failed through 3955 so it was bye-bye stock market. Bulls need to reclaim 3955 as fast as possible starting the week at 3917.
Higher copper will also help the bulls but a +2.4% pop in copper futures is needed. Watch overnight Sunday to see if copper can catch a strong bid since it will tell you what is in store for Monday in the US.
If either SPX moves above 3955 or CPER above 24.33, it is likely that Keybot the Quant will flip long.
If the chips ae soggy and weak to begin the week, that spells trouble. If the semi's are trading positive in the pre-market early Monday morning, the bulls have a chance to stabilize the stock market.
3/26/23;
7:00 PM EST =
3/19/23;
7:00 PM EST =
3/17/23;
10:00 AM EST = -61; signal line is -49
3/17/23;
9:36 AM EST = -61; signal line is -47
3/16/23;
3:59 PM EST = -47; signal line is -46
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