The fight for UTIL 506.22 and JJC 40.19 continues as the new week of trading begins. Both are on the bear side so this places a cap on equities and the broad indexes are stalled, although elevated. Both the SPX and VIX are higher so one of them is wrong. This behavior only happens about 10% of the time but over the last few days it is appearing frequently each day. Traders are holding their longs but bringing on more downside protection. Pending Home Sales were weaker than expected so housing numbers will be soft moving forward. Insiders are selling stock, such as Blackrock, but no one cares since the Fed will pump the stock market higher forever. Party on.
The SPX printed positive today so it popped to near 1763 and is currently teasing these highs again. The SPX minute and hourly charts hint at a roll over to the downside is on tap moving forward. The 8 MA is above the 34 MA on the SPX 30-minute chart signaling bullish markets for the hours ahead. The bears need to push the SPX under 1760 asap to develop market weakness. Bulls will try to float the markets out sideways today awaiting the Apple earnings at 4 PM EST. SPX is 1762. UTIL 504.05. JJC 40.11. VIX 13.50. TRIN 0.81 which helps the bull case today. UTIL 506.22 and JJC 40.19 are the bull-bear lines in the sand currently, identified by the Keybot the Quant algorithm, and are dictating market direction. Bulls cannot move equities higher unless they punch through one or both of these parameters.
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