Keystone's Morning Wake-Up 11/5/13

The battle between copper and utes continues. Bears need to push UTIL under 504.41 to stop the market upside. Bulls need to push JJC above 40.20 to send markets higher to challenge the new all-time closing high at 1771.95 and/or all-time intraday high at 1775.22. For the SPX starting at 1768, the bulls only need one point higher, to touch the 1769 handle and that will unleash a quick move to test the 1772 all-time closing high, however, S&P futures are -4. The bears need to push under 1762 to accelerate the downside. A move through 1763-1768 is sideways action.  Keybot the Quant remains bearish despite the upward move in equities. Today is key. If the bulls can send JJC above 40.20 and the SPX above 1769, and both remain above, Keybot will likely flip to the long side.

The 8 MA is above the 34 MA on the SPX 30-minute chart signaling bullish markets for the hours ahead. Traders may want to maintain a flat profile for equities through 1752-1775 until the fireworks begin first thing Thursday morning with the ECB rate decision and press conference. The decision to cut, or not, will impact the euro and all global markets. The GDP is also on tap and then on Friday, the Monthly Jobs Report and Consumer Sentiment. So traders may be beefing up the game plans and rallying the troops for a big battle in the back half of this week; perhaps an epic market move is near. ISM Non-Mfg Index is 10 AM but this is typically not a market mover. Fed's Lacker and Williams speak this afternoon, Lacker after the bell. The Fed is sending out members day after day to cheer lead and keep the stock market pumped. The Fed is the markets.  Key S/R is 1775, 1772, 1769, 1763, 1759, 1752, 1745, 1733, 1730 and 1722. UTIL 504.41, JJC 40.20 and SPX 1769 and 1762 determine market direction today.