The Monthly Jobs Report is cancelled this morning due to the government shutdown. JJC closed on top of the critical 40.13 level yesterday so today the broad indexes were set up to move the way copper moves, and copper is up, so markets are up, JJC is above 40.13. Watch XLF 20.01 and GTX 4889. Both are bearish and will create substantive upside fuel if either or both turn bullish. Keybot the Quant remains short but if XLF or GTX turns bullish, and the SPX moves above 1692, and stays above, Keybot will likely flip long today. If financials and commodities remains weak, then Keybot will likely remain short into the weekend.
UTIL is 478.91. The 485.90 level is important for next week as well as the 50-week MA at 483.53. If UTIL ends the day at 4 PM EST under these two levels, this forecasts market weakness to occur at Monday's opening bell. Bulls need to move the SPX above 1692 today to ignite a wild upside bull party into the weekend. Bears need to push under 1670 for a bear party. A sideways move occurs through 1671-1691 and this may be the chosen path. The new moon is 8:35 PM EST this evening and markets are typically bearish through the new moon. Key S/R is 1691-1692, 1685-1686 and 1669-1670. The 8 MA is under the 34 MA on the SPX 30-minute chart and the SPX is under the 200 EMA on the 60-minute at 1685.13 both signaling bearish markets for the hours ahead. The SPX 50-day MA is 1679.90.
Note Added 11:13 AM: Speaker Boehner is talking now reiterating the House position which is unchanged. Markets soften as the political clown show continues each day. The Senate clowns will probably parade their red faces, blood red from booze, in front of the cameras in a couple hours reiterating their same old position of refusing to negotiate. Most Americans are now blaming both sides equally; a pox on all their houses. UTIL 478.27. JJC 40.58. XLF 19.93. GTX 4876. TRIN is 1.35 on the bear side today. SPX is 1682.42. Copper is carrying the bulls today.
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