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Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 7) The SPX index rallied over 2% on the day, closing near session highs at 5921. I was absolutely wrong this time as I expected the index to break down further and test 5700 at a minimum. What has developed instead
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Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 6) The SPX index fell 67bps during Friday’s session, closing at 5802. The index did hit a low of 5767 early in the session testing both the 200dma (ref 5773) and the 100dma (ref 5766). More importantly, the index broke
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Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 5) The SPX index was essentially flat on the day, closing at 5842. A late session run to the day’s high (ref 5878) was extremely short lived as the index reversed hard into the closing bell (red eye!!). Price action
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Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 4) The SPX index fell 1.61% yesterday, closing at 5844. The session low (ref 5830) was 2.31% lower than the May 19 peak (ref 5968). As I have wrote on May 20, “internals continue to display negative divergence and
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Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 2) The SPX index opened down ~1% at 5902 and then rallied to close the session 8bps higher on the day at 5963. The early cash session weakness was quickly reversed as 5900 held as relatively firm support. Although the index
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Current ICAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 1) The SPX index gained 70bps on Friday, closing on the highs at 5958. This was an interesting session as internals and price experienced some unexpected negative divergence. Nothing huge, but enough to note. My momentum and trend indicators faded slightly,
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Current ICAP Momentum/Trend Model Signal: POSITIVE (Day Count = 3) The SPX index gained 41bps yesterday, closing at 5916. Momentum and trend indicators are slowing but continue to expand. My Spot VIX signal remains “flat”. My VIX term structure signal is now “risk on”. The ICAP Momentum/Trend Model signal
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Current ICAP Momentum/Trend Model Signal: POSITIVE (Day Count = 2) The SPX index gained just 10bps on the day, closing at 5892. The session high was 5906.55, just shy of the previous day’s high of 5906.64. Although internal expansion is slowing, momentum and trend indicators remain positive.
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Current ICAP Momentum/Trend Model Signal: POSITIVE (Day Count = 1) The SPX index gained 72bps on the session, closing at 5886. The index is now just ~4.50% from peak and has now rallied ~22% from the Apr 7 low (ref 4835). The index has also broken back into the
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Current ICAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 4) The SPX index was down just 7bps on Friday, closing out a whippy, range bound session at 5659. The index was unable to break above resistance at 5700, hitting a high of 5691 but held above the previous day’s
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Current ICAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 3) The SPX index gained 57bps on the day, closing at 5663. By mid-day the index had hit a high of 5720 but faded very abruptly in the final hour of the cash session (odd price action). The session was also
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Current ICAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 2) The SPX index gained 43bps yesterday, closing at 5631. Although breaking below on an intra-day basis, the 5600 level has continued to hold on a closing basis. The index is consolidating within the 5700/5600 range as momentum and trend