Founder & CEO of AscalonVI Capital. 17-year NYSE veteran, Chartered Market Technician (CMT). Frequent contributor on Fox Business, Newsmax, and CNN. Co-host of Policy & Profits podcast.
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 4) The SPX ran 53bps on the session, hitting a new all-time high of 6118.73 and closing at 6118.71. As I wrote yesterday, “a breakout above 6100 is the more likely outcome.” This is what we
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 3) The SPX Index gapped up to open at 6081, hit a new intraday all-time high of 6100.81 and closed at 6086 (+61bps). Momentum, trend and VIX signals all remain strong as the Index essentially tested the
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 2) The SPX Index continued its push higher as it ran 88bps during yesterday’s session, closing at 6049. This close is 4.78% higher than the Jan 13 low and just 50 handles below the Dec 6
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 2) The SPX Index opened yesterday’s session at 5963, hit a high of 5964, and faded to close down 21bps at 5937. The stick was somewhat constructive as a little consolidation/pause is healthy after the three-day,
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1) The SPX Index ran 1.83% on the day, hitting a high of 5960 and closing at 5949. The 5770 support level continues to act as support with aggressive buying above. The Index is now back within
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 5) Despite some intraday volatility the SPX Index maintained its balance. While the 11bp gain is unimpressive, the Index did close above the 100dma (ref 5824), the Jan 13 high (ref 5838) and the Dec 20 and Jan
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 4) The SPX Index opened yesterday on a gap down at 5782, hit an early session low of 5773, did a ton of work and then lifted to close just above the 100dma (ref 5822) at 5836. While
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 3) The SPX Index acted exactly as expected, selling off 1.54% during Friday’s session to close at 5827. The low on the day came down almost 2% at 5807 and marked an intraday violation of the
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 2) The SPX Index was +16bps on the session yesterday, closing at 5918. The session was a total “chop fest” with multiple 30+ point swings. The low of 5874 broke the previous day’s low (ref 5890) as
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 1) The SPX Index faded by over 1% yesterday, hitting a low of 5890 and closing at 5909. Both ticks are obviously well below resistance at 6000 as the Index continues to chop and fail. Spot VIX rallied
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1) The SPX Index closed up 55bps yesterday at 5975. The index was able to briefly break above resistance at the 6000 level (high 6021) but failed to hold through the close. The Index rallied very well through
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 4) The SPX Index bounced +1.26% during Friday’s session after what looks like a short-term double bottom at ~5830 on Dec 20 and Jan 2. As I mentioned last week, “We may see some bounce here