Keybot the Quant remains long as stocks are pumped higher into the Fed decision and presser today. Banks sent the stock market higher last week and this week it is copper. China is goosing their economy with stimulus so Dr Copper jumps off his hospital bed and is ready to run a marathon.
The bulls remain in charge with the algo number 34 points above the signal line. The quant only prints one number so far this week. The caution flag would be taken away if Powell was not speaking today. Markets may react wildly in one direction or the other depending on what the chairman says this afternoon.
Utilities remain in failure mode which creates tension and excitement. UTIL is at 911.47 remaining under 916.23 this week an extremely negative signal but traders do not care since they are too busy buying stocks.
Utes, copper and commodities are running the show this week. Bulls need GTX above 3272 and/or UTIL above 916.23 to create lots more upside in the stock market. Either one will create a strong leg higher and both will catapult stocks to the moon. If stocks rally strongly but neither of these bull/bear lines in the sand are crossed, stocks will roll over and fade lower.
Bears need weaker copper by sending CPER below 23.49. This will stop the stock market rally. Copper futures, however, are up +0.3% currently, about 1-1/2 hour before the opening bell, so the bulls are still puffing their chests out. The Powell presser is when the excitement will occur between 2 PM EST and 3 PM EST into the closing bell at 4 PM EST.
6/18/23;
7:00 PM EST =
6/16/23;
10:00 AM EST =
6/13/23;
9:36 AM EST = +16; signal line is -18
6/11/23;
7:00 PM EST = +0; signal line is -20
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