Note Added 11:20 AM: Equities pivot lower at 10 AM. JJC is 39.99 under the critical 40.19 bull-bear line in the sand. UTIL is 503 above 498 creating market lift today but 3 points short of the 506+ needed by the closing bell today. SOX is higher above 489. VIX is 13.20 under the 14.79 bull-bear line (which is bullish for markets). Thus, all is status quo with the parameters remaining in their respective bull and bear camps. The SPX touched 1754 so it shot to higher to test the all-time high at 1759.33 falling less than one-point shy thus far today at a HOD at 1758.46. The beat goes on. Copper is key today. If JJC would move above 40.19, and now the SPX will need to move above 1759, and both stay above, Keybot the Quant will likely flip long.
Note Added on 10/26/13 at 5:00 AM: The bulls could not push copper above JJC 40.19 so the broad indexes stumbled sideways for much of the day. A late-day push higher occurred as utilities were goosed to target the UTIL 506.22 number that Keybot identified. The bulls close the session with UTIL above 506.22 which will help maintain market elevation come Monday, as long as UTIL can maintain the 35 cent advantage at 506.57. Isn't it amazing how Keybot can identify these areas and levels of interest before they occur? This little robot is the David Blaine of Wall Street. The SPX prints a new all-time intraday high at 1759.82 and new all-time closing high at 1759.77. JJC 40.19 and UTIL 506.22 are key market metrics for next week. The 8 MA remains above the 34 MA on the SPX 30-minute chart signaling bullish markets for the hours ahead. The copper trading overnight Sunday will likely dictate the broad market direction after Monday's opening bell. If you are bullish the markets, you want to see higher copper since it will move the SPX another ten or so handles higher. Bears want to see weak copper and if the dollar bounces as the charts show (type 'USD' into the search box at the right to bring up the dollar charts for further study), this should weaken copper and commodities moving forward. GTX collapsed last week. Keybot the Quant remains short through the weekend. Interestingly, UTIL above 506.22 does not really add bullish oomph to markets, it simply supports the elevated equity numbers. If UTIL drops under 506.22 on Monday, this would be gravy for bears creating negativity to start the ball rolling downhill. It is interesting to see new all-time highs print. If there was ever a time for a significant negative global event to occur to catch traders with their pants down, it would be this weekend. Next week's trading may write epic history as markets determine if they are at a multi-year high inflection point a la 2000 and 2007, or not.