Keybot the Quant remains long with the algo number 38 points above the signal line. Commodities, copper and the banks are controlling stock market direction this holiday-shortened week.
Bears need GTX below 3284 (now at 3288), CPER below 23.58 (now 23.95) and/or XLF below 32.80 (now at 33.18) to stop the stock market rally. Any 1 of the 3 will automatically halt further upside in US equities. The quant likely needs all 3 to flip into the bear camp to turn the model bearish but this may not be as hard as it seems.
GTX is only 4 bucks from the bull/bear line in the sand. This could flip bearish immediately. CPER is only -1.5% away from negativity and XLF only -1.2% from negativity. Copper futures are down -0.2% in real-time so the bears still have work to do to beat the red metal lower. XLF is unchanged in the pre-market. Watch the banks to see if they drop from -1% to -2% today which would hurt the stock market.
GTX lost the 3284 line in the sand yesterday but recovered. Watch it closely since it may continue to jog above and below 3284 which would decrease the need for all 3 parameters to turn bearish to flip the quant short. In other words, if GTX jogs above and below 3284, say, 2 or 3 times today, and then begins trending lower below 3284, the quant likely only needs CPER or XLF to turn negative, only one of them, to flip short. The bears are saying, "Let It Drop," trying to puff their chests out, so we will see what they got today.
6/25/23;
7:00 PM EST =
6/20/23;
2:33 PM EST = +46; signal line is +8
6/20/23;
9:46 AM EST = +32; signal line is +5
6/20/23;
9:00 AM EST = +46; signal line is +3
6/18/23;
7:00 PM EST = +46; signal line is +1
6/16/23;
10:00 AM EST = +46; signal line is -2
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