Current ACAP Momentum/Trend Model Signal: POSITIVE (Day Count = 10)
The SPX index lost 55bps during yesterday’s session, closing at 6656 after achieving a minor new all-time high at 6699.52. My momentum and trend indicators remain firm. My Spot VIX signal remains “neutral”. My VIX Term Structure signal remains “risk on”. The ACAP Momentum/Trend Model signal remains Positive. While there was some minor retracement today, I don’t see a significant fade developing yet. The 6600 level could get tested but the current setup would suggest a hold there and rally back towards 6700. Risk remains skewed to the upside for the near term.
Trade Support:
6600: Previous Resistance
6400: Previous All-Time High (July 28)
6200: July 7 Low
6147: Previous All-Time High (Feb 19)
Trade Resistance:
6802: Fibonacci Projection (123.6%)
7035: Fibonacci Projection (138.2%)
