Keybot the Quant remains long as the upside party continues. Semiconductors rally so the bulls are walking around with their chests puffed-out. The quant is tracking retail stocks, mainly AMZN, banks and copper as the key parameters impacting stock market direction. Chips also remain important.
Bulls are cruising with the algo number 52 points above the signal line. The quant is quiet after the Tuesday orgy. August ends today (EOM) and September trading begins tomorrow with the US Monthly Jobs Report on tap.
Bears need either RTH below 174.93, XLF below 34.18 and/or CPER below 23.47. CPER is only 18 cents from the bull/bear line in the sand that is 0.8%. Copper futures are down -0.9%. Whoopsies, daisies. The bears are attacking the red metal this morning to stop the stock market rally.
1 of the 3 parameters turning bearish will halt the rally in stocks but 2 or all 3 are needed to kick-in a stronger move to the downside. Stocks may idle today waiting on the jobs report tomorrow morning.
9/3/23;
7:00 PM EST =
9/1/23;
9:00 AM EST =
8/31/23;
7:00 PM EST EOM =
8/29/23;
10:08 AM EST = +43; signal line is -9
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