Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 1)
The SPX index gained just 7bps during yesterday’s session, closing at yet another all-time high of 6363. The index also hit a new intra-day high of 6381 (just 9 handles below our 6390 price target). My momentum and trend indicators are stabilizing. My Spot VIX signal is “neutral”. My VIX Term Structure signal is “risk on”. The ACAP Momentum/Trend Model signal has shifted to Neutral. As I have written over the past few sessions, “the index is screaming for a reason to test 6400 for the first time in history.” The ACAP signal has been unclear, but the index has continued to grind higher. I expect this to remain the same in the near term.
Trade Support:
6200: July 7 Low
6147: Previous All-Time High (Feb 19)
6100: Previous Support
6000: Previous Support
Trade Resistance:
6284: All-Time High (Jul 3) (BROKEN)
6390: Fibonacci Projection (Aug ’22 Low to Feb ’24 High)
