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Market Summary: To start, I had written in the July 26 note that I would be traveling last week and would not be issuing another note until today. What a week it was! While I hate to see such a volatile and destructive market, I am pleased to have been
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Market Summary: The SPX index was certainly volatile during yesterday’s session with an initial move down of 72bps, then a rally of ~1.90% followed by a slide to end the day of ~1.70%. None of this has been a surprise as I have been cautious on the
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Market Summary: The SPX failed at resistance again yesterday at the previously identified 10dma (ref 5589), the 38.2% retracement level (ref 5562) and the 50% retracement level (ref 5583). Risk remains to the downside. That has been my expectation for the past three weeks even as the SPX index
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Market Summary: As I wrote yesterday, this recent drawdown in the SPX index was expected based on price action and my momentum/trend model (MOTR) having shifted first to Neutral and then to Negative as the index hit all-time highs. I stated yesterday that “My model signals are degrading further
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Market Summary: The SPX Index was down for the third consecutive session this past Friday, closing down 71bps at 5505 (low of 5497). Obviously, the current drawdown was expected as I have been cautious for the past few weeks. That caution came as the index finished its run to an
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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