Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 1)
The SPX index lost 43bps during yesterday’s session, closing at 6439. My momentum and trend indicators are flat. My Spot VIX signal and VIX Term Structure signal remain “risk on”. The ACAP Momentum/Trend Model signal shifted to Neutral. Although price action felt heavy on the session, the index held a majority of the Friday rally, held the 10dma (ref 6436) and remains above the previously highlighted 6400 level. All that said, my view remains as I stated last week, “I would be a buyer above 6400 and a seller below 6343 (Aug 20 low).”
Trade Support:
6400: Previous All-Time High (July 28)
6200: July 7 Low
6147: Previous All-Time High (Feb 19)
6100: Previous Support
6000: Previous Support
Trade Resistance:
6481: All-Time High (Aug 15)
6600: Mid-Point of Uptrend Channel
