Current ACAP Momentum/Trend Model Signal: POSITIVE (Day Count = 1)
The SPX index gained 32bps yesterday, closing at another all-time high of 6466. The index has clearly broken back into the intermediate term uptrend channel and is well above previous resistance at 6400. My momentum and trend indicators continue to expand. My Spot VIX signal is “risk on”. VIX Term Structure is “risk on” as well. The ACAP Momentum/Trend Model signal has shifted to Positive. Over the past week I have been focused on the index re-entering the uptrend channel and breaking out above 6400 with a confirming ACAP signal. This has all occurred and sets up well for a test of 6600 in the intermediate term.
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) (BROKEN)
6400: July 28 All-Time High (BROKEN)
6600: Mid-Point of Uptrend Channel
