Keybot the Quant remains long with the algo number 24 points above the signal line. The bulls remain in control bringing retail stocks into their camp yesterday creating stock market strength. Bears need RTH below 161.10 or they got nothing. Retail Sales data is on tap.
Bank earnings are coming out this morning and JPM hits a homerun. Bulls need XLF above 33.07 to create stock market strength (now at 32.56) so that is a +1.6% rise needed for bulls to throw confetti. Ha-ha. XLF pops in the pre-market on the happy JPM news to 33.06 so the bulls know what they need to do today.
Watch the utilities as previously explained. Bulls need UTIL above 981 by the closing bell today, otherwise, the US stock market will begin on a sour note next week.
What does all this mumbo jumbo mean? If bullish, you want XLF above 33.07, UTIL above 981 and RTH above 161.10 to puff your chest out and celebrate. RTH is already above so bulls need to pump banks and utes today.
If bearish, you want XLF to not move above 33.07. This will be a sign that bulls are running out of gas. At the same time, bears need to keep UTIL below 981 to guarantee stock market weakness next week. Bears also need to pound retail stocks and move RTH back below 161.10 as fast as possible. Easy-peasy. Choose your poison.
The action in banks, utes and retail stocks today dictate if the 'caution' flag is removed or conversely, if the 'imminent turn' notation is added.
4/16/23; 7:00 PM EST =
4/14/23;
10:00 AM EST =
4/13/23;
9:45 AM EST = +58; signal line is +34
4/12/23;
3:59 PM EST = +42; signal line is +32
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