Crude oil wildly reverses its downward course, jumping back above the 95.50 resistance, then back above 96 to 96.63 now. Brent is over 118. The up oil move helps bring equities off the lows after the opening bell. The negative divergence spanked price lower to start the day. The flat top across 1518 continues today, Frankenstein's flat head, so the potential H&S pattern may unfold moving forward with neck line at 1495. The SPX cannot move above 1518 yet so no upside acceleration occurs. The bears are unable to push under 1509 so they got nothing.
UTIL is 474 well above the two key levels mentioned in this morning's missive, so the bulls rule. Copper continues to weaken stealthily today. JJC 46.43 is a bull-bear line in the sand which will become more and more important moving forward. The 8 MA remains above the 34 MA on the SPX 30-minute chart so the bulls are already drinking at lunch time without any fear or worry. The TRIN is 0.78 so one bull asks for a double martini. The markets will move higher with a low TRIN of 0.78; the bears will need to move the TRIN back towards 1.00.
An interesting development occurs with Keybot the Quant. The algo is now at very overbot levels, the same, actually a bit higher, levels as the February-March 2012 market top, and the September 2012 top. The weakness in utilities and copper should light the way lower for bears, with a higher VIX occurring once the move lower begins. Markets appear to be placing a significant top now and with the latest reading from Keybot, the top is likely within days now, or even today. (Keybot's site has additional information). This week is going to be interesting. The SPX sits at 1517. The euro is 1.3408. The 10-year yield is 1.96%. The 30-minute, 1-hour and 2-hour charts are showing flat price movement with negative divergence. Price should start to move lower again.
Note Added 2/11/13 at 2:33 PM: UTIL is 474.31 well above danger. JJC is 46.97 above danger. Copper weakness continues. Watch to see if JJC can close back above 47 today, or not. TRIN is 0.79 firmly in favor of the bulls today. The SPX is flat at 1516. Crude is almost at 97 in wild trading action today.
Note Added 2/11/13 at 3:07 PM: TRIN is 0.82 remaining firmly bullish, if the TRIN does not move higher, the markets will float upwards into the close. Keystone shorted more LL adding to this ongoing short position. LL remains negatively diverged on both the weekly and daily charts.
Note Added 2/11/13 at 3:42 PM: TRIN is 0.75 so market buoyancy occurs. UTIL is 474.77 after teasing towards 475, the bulls can do no wrong. JJC is 46.96. Volume is very low on par with Friday's, vapor and fumes.
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