Keybot the Quant remains short. The algo remains quiet the last 2 weeks. Commodities fail creating the leg lower in stocks. Friday is a big recovery rally for equities but it did not move the needle on the quant. The bears are cruising with the algo number 49 points below the signal line.
Bears need SPX below 4210 to create Armageddon but price recovers on Friday to 4309. The S&P 500 fell to 4216 last week teasing carnage, but the bulls pumped tech and semiconductor stocks to save the day.
Bulls need either SOX above 3504 and/or GTX above 3560 to stop the stock market selling and stabilize conditions. The chips/tech stocks will likely tell you a lot about the market in the days ahead. Bulls got nothing unless they can push SOX back above 3504 (this tells you that the relief rally has legs).
The US stock market remains in a crash profile going forward. Bears need SPX below 4210 which will create market carnage and a likely crash.
Bulls need SOX 3504 and/or GTX 3560 to prove that they can stage a comeback rally, a New York Comeback as Lucinda and the Boss sing.
10/8/23;
7:00 PM EST =
10/6/23;
9:00 AM EST = -76; signal line is -27
10/5/23;
9:36 AM EST = -76; signal line is -24
10/1/23;
7:00 PM EST EOM EOQ3 = -49; signal line is -8
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