The beat goes on. The SPX is testing the upper levels of today's range right now. The 20-day MA is 1511.20. Today's HOD is 1511.24 so the initial back test occurs resulting in failure. Right now bulls are making another run at the 20-day. The VIX drops today but is trying to regain 15, nonetheless, below the 15.74 the market bears need to push markets lower. GTX, RTH and SOX all remain in the bull camp. Copper is negative again today and JJC remains in the bear camp. The 10-year yield is 1.96% which says that money is moving into both stocks and bonds today, how do you like that? Volume is light today compared to the larger volume sell days on Wednesday and Thursday. The euro remains under 1.32 leaking lower today. This should keep a lid on the SPX but the broad indexes float higher anyway. Crude oil is 92.94 remaining under 93. The 92 would lead to 88 so traders are thinking things over in this 92-93 range.
The 8 MA has reversed and is heading higher towards the 34 MA on the SPX 30-minute chart so that requires watching for a potential cross today. The 8/34 MA cross remains bearish for now. The bears need to push the markets down hard from here, right now, or they are going to lose control if the 1511-1513 level gives way. TRIN is 0.87 so the bulls are happy campers today. Bears need to push the TRIN towards 1.00 as soon as possible, otherwise the broad indexes are going to move higher into the close. Today is the sideways move through 1498-1511, so far. The Italy elections are on tap Sunday and Monday.
Note Added 2/22/13 at 1:41 PM: SPX punches out a new high for today at 1513.58. TRIN is 1.00, isn't that something? Keybot the Quant should flip back to the long side this afternoon if the bullishness continues. Keybot likely needs the 1513-1514 area now to flip back to the bull side. VIX is 14.39 helping the bulls today.
Note Added 2/22/13 at 2:38 PM: The 8 MA pierces up through the 34 MA on the SPX 30-minute chart signaling bullish markets for the hours and days ahead, however, see if it holds through the closing bell. The bears need a sharp move down. The SPX continues along at 1512. The 20-day MA is 1511.27. VIX is 14.50, up a smidge. TRIN 0.94.