Monday, July 7th, 2025

Current ACAP Momentum/Trend Model Signal: POSITIVE (Day Count = 6)
The SPX index gained 83bps during Thursday’s abbreviated session, closing at another all-time high of 6279. While there is some slight negative divergence developing, momentum and trend remain supportive of higher prices. My Spot VIX signal is “neutral”. My VIX Term Structure signal is “risk on”. The ACAP Momentum/Trend Model signal is Positive. I do have some concerns that this leg of the rally is extended but based on the current set up risk remains skewed to the upside.
Trade Support:
6147: All-Time High
6100: Previous Support
6000: Previous Support
Trade Resistance:
6390: Fibonacci Projection (Aug ’22 Low to Feb ’24 High)
