Current ACAP Momentum/Trend Model Signal: NEGATIVE (Day Count = 3)
The SPX index recovered from an early session low of 5861 to close up 41bps on the day at 5935. The index continues to churn within the support/resistance range of 5786/5968 with mixed signals. While my momentum and trend indicators continue to degrade, my Spot VIX and VIX Term structure signals are “risk on”. The ACAP Momentum/Trend Model signal remains Negative. Although price seemed unwilling to fade any lower yesterday, there is growing negative divergence with internals. Near term downside risk is growing.
Trade Support:
5750: 38.2% Retracement Peak-to-Trough
5700: Previous Support Sep/Nov
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
