Futures were down early this morning but recovered, now fading back to flat line. The wishy washy sideways vibe continues. NFIB Optimism Index was pessimistic. A 3-year note auction occurs at 1 PM but there is not much else going on. European and China news will dominate. The China Trade data this morning results in a half percent drop in copper on anticipated lower demand. The economic data ramps up tomorrow including the FOMC Minutes-the most important release this week except for China GDP on Friday. Thus, markets may prefer idling sideways until the carnival hits full swing tomorrow. Besides, all the scragglers from the vacation holiday will be back and trading by tomorrow.
Several technicals will dictate market direction at the opening bell; NYA 7738, now at 7736 influencing the markets negatively; XLF 14.40, now at 14.45 influencing the markets positively; CRB 295.50, now at 293-ish influencing the markets negatively; and VIX 18.75, now at 17.98 influencing the markets positively. If any of these four jump ship to the other side, the broad indexes will move in that respective direction. For the SPX today starting at 1352, the bulls only need to touch 1355 and an upside acceleration will occur. The bears need to push under 1347 to begin a downside acceleration. A move thru 1348-1353 is sideways action. NYA and XLF will immediately set the tone.
your probably close to flipping again if we ramp up right? If NYA gets out of the woods???
ReplyDeleteNYA did move above but that does not trigger Keybot yet.
ReplyDeleteThe algo does its own thing but the semi's, copper and commodities are important now. Watch SOX 380, it remains well under, watch CRB 295.50, it remains under, watch JJC 44.25 now well under. These three levels will be useful for the next couple days but they can change as well. If the bulls do not bring one of these above the level shown, they got nothing.
KS, I found your site a month or so ago and I have found Keybot has done an excellent job of identifying the trend and sticking with it. You have done a truly admirable job and I salute you for sharing your work with us plebians....
ReplyDelete