Keybot the Quant remains long but the algo number is only 8 measly points above the signal line. The semiconductors failed out of the gate yesterday but retail stocks, led by Scamazon, continue waving a banner of glory. Inflation data is only 2 hours away and markets have been idling waiting for the numbers.
Bulls need stronger utilities and chips. Bulls need to push UTIL above 959.37, that is only pennies away, and to push SOX above 3018, to guarantee a continued up direction for the stock market.
Bears need to keep utes and chips weak while spanking retail stocks. Bears need RTH below 163.20 to signal trouble for the stock market and if the SPX slips below 4117 trending lower, the quant will likely flip short. If RTH loses 163.20, consider the imminent turn to the short side to be in play.
Bears will create market carnage if VIX jumps above 19.64. Any down move in stocks that is not accompanied with VIX above 19.64 would mean the down move does not have much oomph and will likely peter out with bulls staging another rally. VIX is trading at 18.02 in real-time. A stick and a half is not much for volatility to move. Looks like everything is riding on the inflation data.
Bulls win big with UTIL above 959.37 and SOX above 3018. Bears win big with RTH below 163.20. Easy peasy.
5/12/23;
10:00 AM EST =
5/9/23;
3:59 PM EST = -21; signal line is -29
5/9/23;
3:06 PM EST = -5; signal line is -29
5/9/23;
9:36 PM EST = -21; signal line is -30
5/8/23;
3:59 PM EST = -5; signal line is -31
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