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Market Summary: As expected, the SPX continued its downward retracement during yesterday’s session hitting a low of 5522 and closing down 78bps at 5544. As I have continued to write, “I remain confident that price weakness will expand and am focused on the support levels below as downside targets”
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Market Summary: The SPX gapped down on the open yesterday and never looked back. The session high for Jul 17 was 5622 and the session low for Jul 16 was 5639. This generated a 17-point gap as the index slid 1.39% on the day closing below the 10dma (ref
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Market Summary: The SPX gained ~60bps during yesterday’s session closing at the previously identified resistance level of 5666 (C). The A, B, C cluster of resistance discussed yesterday held through the session which, in my opinion, has created a very clean and growing range of supply on top of
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Market Summary: My effort each day with this report is to stick to price action and momentum signals in a defined and simple way. My Momentum/Trend (MOTR) model is rule based and the basis of my market and sector view. That said, the past few reports have become a
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Market Summary: Friday’s note focused on a few main points which explained why I continue to see market risk at current levels as skewed to the downside. First, my MOTR model, which measures the internal strength of the SPX index based on momentum and trend, is continuing to show
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Market Summary: As I wrote in yesterday’s note, “over the past two weeks I have been cautious and have stated quite often that I see risk increasingly skewed to the downside”. Admittedly, this has been in the face of a relentless SPX index rally. The MOTR model remains neutral
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Market Summary: There is no question, over the past two weeks I have been cautious and have stated quite often that I see risk increasingly skewed to the downside. My momentum/trend model (MOTR) overall has shown significant negative divergence. What’s also concerning is that the SPX continues to
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Market Summary: The SPX index hit another all-time high at 5590.75 midway through yesterday’s session. For the balance of the day sellers were pressing gently, closing the index near the session low at 5576.90. A few items to note. First, the Evening Doji Star which I pointed
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Market Summary: The SPX index has now achieved a trough-to-peak move of over 7.50% since testing the 50dma (ref 5181) on May 31 with a 5191 low. In just over a month, with limited breadth and almost no retracement, the index has put in an average full year’s
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Market Summary: The June 28 report highlighted my expectation that the SPX index would “test support at 5400 in the near term with the additional downside risk of filling the 5375-5400 gap and potentially testing 5300”. The bullish gap up on June 12 had seemed to run its course and
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Market Summary: The SPX index continues to hold the 10dma (ref 5464) as the trading range has tightened from 5400/5500 to 5450/5500. Although intraday price action is indecisive, the index has achieved higher highs and higher lows over the past three sessions as it grinds back towards the
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[caption id="attachment_998" align="aligncenter" width="537"] Screenshot[/caption] Market Summary: Away from looking at the SPX for a moment, there was some very interesting action in the E-mini S&P 500 front month futures (ES1 Index) heading into the close of