Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 2)
The SPX index gained 55bps yesterday, closing well above 6000 at 6038. That said, there remains negative divergence between price and my momentum/trend indicators. At the same time, my Spot VIX and VIX Term structure signals are “risk on”. The ACAP Momentum/Trend Model signal is Neutral. As I have been writing over the past few days, “I will remain cautious until market internals and my ACAP signal line up.”
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
