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: NEUTRAL (Day Count = 1) The SPX Index fell 90bps during yesterday’s session, closing at 5570. The 5600 level broke on both an intraday and closing basis. Price action created an outside reversal day (bearish) with a peak-to-trough move of -1.46%
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 5) The SPX was lower on the day for just the second time in 11 sessions, closing at 5597. Note, the 5622 resistance level highlighted yesterday did hold. The Index has now seen a trough-to peak run of 9.
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 4) The SPX continues to grind higher, adding ~1% during yesterday’s session to close at 5608. This was the first close above 5600 since the Index was at all-time highs on Jul 16 (ref close 5667). My Momentum/
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 3) The SPX Index again edged higher during Friday’s session, gaining 20 bps and holding above the 5500 level. The high for the session was 5561. Interestingly, this level represents minor trade resistance as it is also the
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 2) The SPX Index gained 1.61% during yesterday’s session, breaking above the previously identified resistance levels at the 50dma (ref 5460), the 61.8% retracement level (ref 5459) and the 5500 level. My Momentum/Trend Model (MOTR)
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 1) Although the session was a bit choppy, the SPX Index extended its gain yesterday and my Momentum/Trend Model (MOTR) has now officially shifted back to Positive (as expected) after holding a Negative signal for 18 days. To
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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