Keybot the Quant remains long after Fed Chairman Powell pumps the stock market higher. The bulls are in control but the algo number is only 11 points above the signal line. The SPX prints the highest number in history on Thursday, 9/19/24, at 5733.57. It is the 'Heinz 57 varieties' all-time high.
Banks, copper and retail stocks were key to the stock market rally so the bears need these metrics to weaken if they want to regain control. Bears need CPER below 26.40 and/or RTH below 207.80 a formidable task.
Bulls have an easier road to maintain control of the stock market. Chips, commodities and volatility are in the bear camp and any of these metrics turning bullish will send stocks higher and higher. Bulls need SOX above 5018, GTX above 3556, and/or VIX below 15.09. Stocks will run into the stratosphere if all three turn bullish. Semiconductors need to gain about +0.4% and commodities about +1.0% which are much easier goals than the bear's path.
Watch copper and retail stocks. If they are weak, that will be a sign that the stock market is starting to roll over lower. If copper, retail stocks and banks remain strong, the bears got butpkis. If copper futures lose about -1.7%, and the SPX falls below 5674 trending lower, Keybot the Quant will likely flip short. Consider the imminent turn to be in play if CPER loses 26.40, RTH loses 207.80, or if XLF loses 43.90.
Keybot the Quant prints two pre-scheduled numbers one on Tuesday morning and the other on Friday morning. Focus on copper and chips to make it simple. Bulls win big with stronger chips. Bears win big with weaker copper and retail stocks (AMZN). Choose your poison. Everybody has a Poison Heart.
9/29/24;
7:00 PM EST =
9/27/24;
10:00 AM EST =
9/24/24;
10:00 AM EST =
9/22/24;
7:00 PM EST = +18; signal line is +7
9/20/24;
9:50 AM EST = +18; signal line is +7
9/19/24;
9:43 AM EST = +34; signal line is +7
9/18/24;
9:00 AM EST = +18; signal line is +5
9/15/24;
7:00 PM EST = +18; signal line is +5
9/13/24;
2:28 PM EST = +18; signal line is +5
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