Current ACAP Momentum/Trend Model Signal: POSITIVE (Day Count = 17)
The SPX index gained 6bps yesterday, once again hitting a new all-time high (ref 6731) and a new all-time closing high at 6715. To note, on a closing basis the current ACAP signal has returned 2.81%. Momentum and trend indicators continued to expand. 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%)
