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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 4) I wrote in yesterday’s note that “the Index seems to have additional upside from current levels. A break above 5878 (resistance) sets up for a potential test of 5970 and 6000. I would think this is
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 3) The SPX Index continued its rally with a +77bps day closing at 5859. The session high was 5871, just 7 points from the previously identified upside target of 5878. As I said in yesterday’s note, risk
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 2) As I stated in the Oct 10 note, “the Index seems poised to break higher through the 5800 level with a retest of 5760 (now support) likely to occur first. I am watching for that re-test and/
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1) The SPX Index ran 71bps on the session breaking and closing above 5760 resistance. The Oct 7 test and hold at the 5686 support level seems to have been the key with the Index at new all-time
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 5) After the Oct 7 move down of ~1% and test of support at 5686 the Index bounced back during yesterday’s session hitting a high of 5757 and closing up 97bps at 5751.13. This closing print
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 4) Price action during yesterday’s session for the SPX Index was expected and uniform. The Index was down 96bps on the day, closing at 5695. The 5733 support level which I have remained focused did not hold.
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 3) The SPX Index was extremely volatile during the first hour of the cash session Friday with a peak-to-trough move of almost 1%. The Index hit an early session high of 5746 then reversed to a low of
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 2) The SPX Index closed just 17bps lower yesterday at 5699. The day showed plenty of indecision as the high/low range was 41 handles wide with an open/close range of just one single point. The support/
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 1) The SPX Index closed yesterday’s session essentially flat at 5709. However, there was plenty of price action and internal action to discuss. On an intraday basis the 5686 support level was again broken as the Index
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 4) The SPX Index closed almost 1% lower on the day at 5708. After opening on the high at 5757 the Index broke and closed below the previously identified support level at 5733. This 5733 level has been
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Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 3) A late session rally pulled the SPX Index off the session low of 5703 to a high of 5765 and a close of 5762. Note the 10dma (ref 5708) held as intraday support. The Index continues to
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Market Summary: Current Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 2) The SPX Index closed Friday’s session down 13bps at 5738. I would note that the key 5733 support level was violated on an intraday basis (low of 5727) but held on a closing basis. Overall, internals are