Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 2)
The SPX index gained 41bps on the session, closing at 6465. My momentum and trend indicators improved slightly. My Spot VIX signal and VIX Term Structure signal remain “risk on”. The ACAP Momentum/Trend Model signal remains Neutral. The index held the 10dma (ref 6438) and remains above the 6400 level as well. Apart from an ACAP signal shift to Negative, I remain a buyer above the 6400 level.
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
