Keybot the Quant is long with the algo number only 7 points above the signal line. The battle lines are clear as identified by the quant. Nothing Else Matters except utes, chips, banks and copper.
Utilities are in the bear camp while semi's, banks and copper are in the bull camp.
Bulls need UTIL above 961.93 (now at 959) and the upside in stocks will continue.
Bears need SOX below 3042, XLF below 33.10 and/or CPER below 24.62. If any one of the three turn bearish, and the SPX is under 4140 trending lower, Keybot the Quant will likely flip short.
If 2 of the 3 turn negative, the downside in stocks is real and will hit hard. Mayhem and blood on Wall Street will occur if all 3 flip bearish. The CPER bull/bear line in the sand equates to a -1.7% drop in copper futures that are now trading down -1.3%. The bears are growling but not there yet.
SMH is taking the pipe in the pre-market down -1.5%. The SOX bull/bear line in the sand above represents a -1.2% drop in the chips so it looks like the semiconductors will fail after the opening bell.
The SPX begins at 4155. S&P futures are down -22 with the opening bell in the States less than 3 hours away. Thus, if the futures joy holds, the S&P 500 cash index will drop to 4133 so it looks like the bears want to flex their muscles today and try to flip the quant short but it is never over until the fat lady sings.
4/23/23;
7:00 PM EST =
4/18/23;
10:45 AM EST = +42; signal line is +35
4/18/23;
9:00 AM EST = +58; signal line is +36
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