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 = 6) The SPX Index was essentially flat yesterday, closing the session at 6049. Daily high/low ranges have gotten considerably tighter over the past two sessions as the index tests the overhead level of 6050. Momentum and trend
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 5) The SPX Index continued the grind higher yesterday with a 24bp gain, achieving a new intra-day high (ref 6053) and closing high (ref 6047). Volumes were well below average, but it is December. Spot VIX closed at
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 4) The SPX Index ended the month of November up nearly 6%, closing at 6032 on Friday. A new all-time high was achieved as well at 6044 on light, holiday volume. Overall, internals are supportive of higher prices
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 2) The SPX Index closed +57bps yesterday, hitting a new all-time high at 6025, and closing at 6021. The Index has broken and held above the previously identified resistance levels at 6000 and 6017 (Nov 11 high) with
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 1) The SPX index gained 30bps on the day, closing at 5987. Price action was somewhat indecisive with a high/low spread of 57 points and an open/close range of just five. Essentially, price swung drastically from
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1) The SPX Index gained 35bps on Friday, closing at 5969. The high of 5972 was within four handles of the highlighted 5976 level (previous support, now resistance). The support/resistance range which I have been focused on
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 4) The SPX Index was up 53bps yesterday, hitting a high of 5963 and closing at 5948. Keep in mind the support resistance range in focus has been 5864/5947. So, price action during yesterday’s session produced
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 2) The SPX Index closed the day essentially flat at 5917. The Index did test support at 5864 for the fourth consecutive session (see chart) but held and rallied into the close. I remain focused on the support/
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 2) The SPX Index closed yesterday’s session up 40bps at 5916. The Index was weak early in the session as I expected, breaking below support at 5864 and hitting a low of 5855. This low essentially matched
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 1) The SPX Index closed the session +39bps at 5893. More importantly, the Index was able to hold the previously identified support level at 5864 on both an intra-day and closing basis. Despite that win, momentum continued to
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 2) The SPX Index gapped down on Friday and faded for the entire session. The Index opened at 5912, hit a low of 5853 and closed at 5870. Once again, this price action was right in line with
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1) The SPX Index acted exactly as expected, fading yesterday -61bps to close at 5949. On Nov 8 I wrote that “On a trading basis I am looking for retracements within this move higher and would look for