Author name: sunygxc

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 1) The SPX Index faded by over 1% yesterday, hitting a low of 5890 and closing at 5909.  Both ticks are obviously well below resistance at 6000 as the Index continues to chop and fail.  Spot VIX rallied almost 18% at the session […]

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1) The SPX Index closed up 55bps yesterday at 5975.  The index was able to briefly break above resistance at the 6000 level (high 6021) but failed to hold through the close.  The Index rallied very well through the beginning of the cash

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 4) The SPX Index bounced +1.26% during Friday’s session after what looks like a short-term double bottom at ~5830 on Dec 20 and Jan 2.  As I mentioned last week, “We may see some bounce here off the 5830 level” and we did. 

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 3) The SPX Index closed the session down 22bps yesterday at 5868.  Although that seems like a benign way to start the year, the session was much more interesting than that.  The high/low range for the day was a massive 106 points (ref

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 2) The SPX Index ended 2024 with a down 43 bp session, closing the year out at 5881.63.  The Index once again tested the 5864 support level, hitting a low for the day at 5868.  The Index had a tremendous 2024 with a

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 4) The SPX Index was down 1.11% on the day Friday, closing at 5970.  There was clearly a push out of equities as the Index opened on the high (ref 6006.17) and hit a low of 5932, breaking below the 50dma (ref 5940)

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 4) The SPX Index was down 1.11% on the day Friday, closing at 5970.  There was clearly a push out of equities as the Index opened on the high (ref 6006.17) and hit a low of 5932, breaking below the 50dma (ref 5940)

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 3) The SPX Index ended the session essentially unchanged at 6037 after hitting a session high of 6049 and low of 6007.  The 6050 level was “sticky” heading into the Dec 18 selloff and has now acted as resistance.  Market internals continued to

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 2) The SPX Index extended its year end rally with a gain of 1.11% during the shortened Christmas Eve session.  The closing print of 6040 is well above my estimated upside of 6000 for this rally.  Internals have improved relatively sharply coming off

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1) The SPX Index continued to bounce during yesterday’s session with a +73bp day and a high/close of 5978/5974.  This high/close came at previously identified support/resistance at 5976 (see chart).  I continue to believe that the week of Dec 16 did significant technical