Thursday, October 9th, 2025
Current ACAP Momentum/Trend Model Signal: POSITIVE (Day Count = 21)
The SPX index gained 58bps during yesterday’s session hitting both a new all-time high (ref 6755) and all-time closing high (ref 6753). The index continues to grind higher as momentum and trend indicators remain steady. My Spot VIX signal remains “neutral”. My VIX Term Structure signal remains “risk on”. The ACAP Momentum/Trend Model signal remains Positive. Bottom line is I love to hate them, and I can give a long list of reasons why the index should not be at current levels. However, the ACAP process has been spot on with the current Positive signal deep into its 4th week and a gross return of +3.39%. Risk remains skewed to the upside. I fully expect the current move to test the next highlighted resistance level at 6802 in the near term.
Trade Support:
6600: Previous Resistance
6400: Previous All-Time High (July 28)
6200: July 7 Low
6147: Previous All-Time High (Feb 19)
Trade Resistance:
6802: Fibonacci Projection (123.6%)
7035: Fibonacci Projection (138.2%)