Current ICAP Momentum/Trend Model Signal: POSITIVE (Day Count = 3)
The SPX index gained 41bps yesterday, closing at 5916. Momentum and trend indicators are slowing but continue to expand. My Spot VIX signal remains “flat”. My VIX term structure signal is now “risk on”. The ICAP Momentum/Trend Model signal is Positive. Overall, the index seems poised to test resistance at 6000 in the near term as long as the May 12 low (ref 5786) holds and the ICAP Model remains Positive.
Note: I am in the process of changing fund structure and taking on additional capital. In the coming weeks Island Capital Investments LLC will become AscalonVI Capital LP. I will keep updates coming as far as official dates and changes. Thank you.
Trade Support:
5750: 38.2% Retracement Peak-to-Trough
5700: Previous Support Sep/Nov
5553: 50dma
5500: ~10% Move Peak-to-Trough
5400: Sep 2024 Lows and Apr 3 Low/Close
Trade Resistance:
6000: Previous Support
6100: Previous Support
6147: All-Time High
