Current ACAP Momentum/Trend Model Signal: NEUTRAL (Day Count = 4)
The SPX index gained 32bps on the session yesterday, closing at 6501. My momentum and trend indicators continue to improve. My Spot VIX signal and VIX Term Structure signal remain “risk on”. The ACAP Momentum/Trend Model signal remains Neutral. As I wrote on August 27, “I remain a buyer above the 6400 level.”
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) (BROKEN)
6600: Mid-Point of Uptrend Channel
