The negative divergence on the SPX 2-hour chart is creating some negativity to begin the day. Keybot the Quant algorithm remains long and is tracking VIX 14.10 and JJC 37.07. The VIX is 13.70 under the 14.10 creating bullishness in the stock market and the JJC is 36.75 under the 37.07 creating bearishness. Since the algo identifies these two parameters as the most important currently impacting market direction, the stock market staggers sideways. Bulls win big with JJC above 37.07. Bears win big with VIX above 14.10.
The SPX, Dow and TRAN print new all-time highs at the opening bell. The new all-time intraday record high for the SPX is 2032.36.
Note Added 10:56 AM: Here comes the SPX teasing new all-time highs again, printing up on the day above 2032. VIX is 13.61 dropping like a stone creating bull fuel. JJC 36.71. Wow. The TRIN is 0.67 with an uber low 0.59 print a short time ago. No wonder stocks recover off the lows. Low prints like this representing off-the-charts bullish euphoria will need remedied by selling pressure in equities in the day or two ahead, say early next week.
Note Added 11:00 AM: The SPX prints a new all-time intraday high at 2032.44. They keep coming in waves. If VIX stays under 14.10 and JJC stays under 37.07, equities will stumble sideways into the weekend.