Stock chart patterns and technical analysis (TA) explained simply. Disclaimer: This blog and all its contents are for educational and entertainment purposes only. Do not trade or invest based on any information seen on this blog. Please read Terms of Service. The K E Stone blog sites (Keybot the Quant) are blacklisted by Google, so enjoy the ad-free experience, and only use the Donate button when supporting the sites.
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Thursday, August 6, 2020
Keybot the Quant Turns Bullish
The Keystone Speculator's proprietary trading algorithm, Keybot the Quant, flips back to the long side yesterday at SPX 3322. The bullish euphoria has carried the indexes and stocks to glorious highs with most prices extended well above their respective moving average ribbons. Bulls need stronger utes; it is the only sector standing in their way of all-time record highs. Bulls need UTIL above 835.50. Bears need utilities to weaken going forward. As always, stay alert for a whipsaw, however, the markets would probably drop more due to bad news on the wires rather than due to the technicals right now. Everyone believes the stock market will go up forever and if it does retreat, the Fed and other central banks will save the day, so any pullbacks are buying opportunities. Moral hazard has arrived. This behavior will likely end in tears but for now, the Fed wine is flowing like water. More information is found at Keybot's site.
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