Current ACAP Momentum/Trend Model Signal: NEGATIVE (Day Count = 3)
The SPX index was flat for the day Friday, closing at 6296. While the index hit yet another all-time intraday high at 6315, the underlying momentum and trend indicators remain flat to negative. My Spot VIX signal is “neutral”. My VIX Term Structure signal is “risk on”. The ACAP Momentum/Trend Model signal is Negative. Although the index seems unwilling to break, internals and underlying divergences suggest it is also becoming unable to rally any higher. All said, the greater risk in the near term is to the downside.
Trade Support:
6200: July 7 Low
6147: Previous All-Time High (Feb 19)
6100: Previous Support
6000: Previous Support
Trade Resistance:
6284: All-Time High (Jul 3) (BROKEN)
6390: Fibonacci Projection (Aug ’22 Low to Feb ’24 High)
