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 Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 19) The SPX extended the rebound off the Aug 5 lows yesterday and has now recovered over 6% from that 5119 tick. The Index broke and closed above 5400 (closing price 5434) and is now approaching additional resistance at
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 18) The SPX Index was up less than one handle yesterday as price action within the recent rally off the Aug 5 low calmed a bit. The session showed some indecision and potential pause with a high/low spread
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 17) The SPX Index has now seen a peak-to-trough move of down of just under 10%. On Jul 18 my internal Momentum/Trend (MOTR) model flipped from Neutral to Negative. We have now been Negative for 17 full sessions
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 16) As I have been reiterating, market internals as I count them remain negative, the MOTR Model remains Negative (triggered on Jul 18) and risk remains to the downside. That all said, I wrote in yesterday’s note pre-market
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 15) The SPX index rallied yesterday over 1.50% hitting an early morning high of 5330. The index then failed and faded ~2.50% to close at 5199. So, what happened? First, as I have continued to relay, downside
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 14) After the recent ~10% peak-to-trough drawdown the SPX index has now achieved all of my previously identified downside targets which were established back in mid-July. Coming off the Aug 5 low of 5119 the index rallied just under
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Market Summary: Well, that was ugly!!!! Ironically, after pounding the table with warning signs the past 6 weeks there’s not much to say today. I have not seen a market like this since 2007-09 and I am confident there’s more to come. The SPX has now seen a
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Market Summary: To start, I had written in the July 26 note that I would be traveling last week and would not be issuing another note until today. What a week it was! While I hate to see such a volatile and destructive market, I am pleased to have been
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Market Summary: The SPX index was certainly volatile during yesterday’s session with an initial move down of 72bps, then a rally of ~1.90% followed by a slide to end the day of ~1.70%. None of this has been a surprise as I have been cautious on the
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Market Summary: The SPX failed at resistance again yesterday at the previously identified 10dma (ref 5589), the 38.2% retracement level (ref 5562) and the 50% retracement level (ref 5583). Risk remains to the downside. That has been my expectation for the past three weeks even as the SPX index
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Market Summary: As I wrote yesterday, this recent drawdown in the SPX index was expected based on price action and my momentum/trend model (MOTR) having shifted first to Neutral and then to Negative as the index hit all-time highs. I stated yesterday that “My model signals are degrading further
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Market Summary: The SPX Index was down for the third consecutive session this past Friday, closing down 71bps at 5505 (low of 5497). Obviously, the current drawdown was expected as I have been cautious for the past few weeks. That caution came as the index finished its run to an