Current ACAP Momentum/Trend Model Signal: POSITIVE (Day Count = 16)
The SPX index gained 34bps yesterday, hitting a new all-time high (ref 6718) and a new all-time closing high at 6711. This was the first time in history where the SPX index both traded and closed above 6700. Momentum and trend indicators expanded (confirming price action). My Spot VIX signal remains “neutral”. My VIX Term Structure signal remains “risk on”. The ACAP Momentum/Trend Model signal remains Positive. As I have continued to write, “Risk remains skewed to the upside.”
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%)
