Current ACAP Momentum/Trend Model Signal: POSITIVE (Day Count = 2)
The SPX index gained 85bps during yesterday’s session, hitting a new all-time high (ref 6592) and a new all-time closing high at 6587. Momentum and trend indicator improvement is gaining steam. My Spot VIX signal remains “neutral”. My VIX Term Structure signal remains “risk on”. The ACAP Momentum/Trend Model signal is Positive. I continue to see the string of all-time closing highs to continue (reminiscent of 2021/2022) beyond the current count of 21. I continue to expect a run to the 6700/7000 range before year end.
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
