Keybot the Quant remains long as the choppy slop continues. The bears are pushing back against the rally but the bulls remain in control of stock market direction with the algo number 10 points above the signal line.
There are several moving parts currently impacting market direction including utes, chip, retail stocks and copper.
Bulls need RTH above 160.97 if they want the rally to continue.
Bears need CPER below 24.50 but copper futures are higher. Bears need SOX below 3032 (now at 3053) which is only a -0.7% drop in the chips.
The drama with utilities continues. Bears need UTIL below 967.40 (now at 968.68). It is a game of pennies. If UTIL or SOX fails, consider the imminent turn to the short side to be in play and if the SPX is below 4087 trending lower, Keybot the Quant will likely flip short.
The UTIL 967.40 bull/bear line in the sand is meaningless next week replaced with 981.27. Isn't that a fine how do you do? The current 969 palindrome does not cut it for the bulls for next week. If utes begin dropping, it is obviously good news for bears. If UTIL remains above 969 for today and tomorrow, the bulls will have their chests puffed-out but it does not tell the story. Bulls need to push UTIL above 981 by 4 PM EST Friday, otherwise, next week the utes will create negativity in the stock market. The behavior of UTIL to end the week is going to tell you a lot about what is going to happen next week.
Focus on utes, chips and retail stocks to determine market direction forward over then next few trading days.
4/16/23; 7:00 PM EST =
4/14/23;
10:00 AM EST =
4/12/23;
3:59 PM EST = +42; signal line is +32
4/12/23;
3:17 PM EST = +26; signal line is +30 but algorithm remains long
4/12/23;
3:16 PM EST = +42; signal line is +29
4/12/23;
3:01 PM EST = +58; signal line is +27
4/12/23; 2:54 PM EST = +42; signal line is +23
4/11/23;
12:18 PM EST = +58; signal line is +20
4/11/23;
11:58 PM EST = +42; signal line is +17
4/11/23;
9:54 AM EST = +58; signal line is +15
4/11/23;
9:46 AM EST = +42; signal line is +12
4/11/23;
9:36 AM EST = +58; signal line is +10
4/10/23; 12:57 PM EST = +42; signal line is +7
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