Author name: sunygxc

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 1) The SPX Index faded (as expected) yesterday, losing almost 1% on the day, closing at 5797.  The low on the session was 5762 as price broke down below the highlighted downtrend channel (see chart).  Previously identified support at the 10dma (ref 5832) […]

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1) The SPX Index was down just 5bps on the day, closing at 5851.  As benign as that seems, the session was a bit more volatile with a wide high/low range of 5863/5821, a break of support at the 10dma (ref 5831) on

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 8) The SPX Index was down 18bps on the day in what was an indecisive and relatively sloppy session.  The high/low spread for the day was 42 handles while the open/close spread was just five.  The low of the day was 5824, which

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 7) The SPX Index gained 40bps on Friday closing the week at 5864.  Although the Index gained 85bps for the week while marking some new all-time highs, resistance at 5878 continues to hold.  This is concerning and as I stated last week, the

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 6) The SPX Index was relatively unchanged on the day yesterday, closing down just 4bps from the previous close.  This close to close move aside, the Index was heavy all day opening near the session high (ref 5875) and closing near the session

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 5) The SPX Index gained 47bps yesterday, closing at 5842.  The 5800 support level was tested and held for the second day in a row with a low of 5808.  On a near-term basis I remain very focused on 5800 as key support. 

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 4) I wrote in yesterday’s note that “the Index seems to have additional upside from current levels.  A break above 5878 (resistance) sets up for a potential test of 5970 and 6000.  I would think this is the likely path but would expect

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 3) The SPX Index continued its rally with a +77bps day closing at 5859.  The session high was 5871, just 7 points from the previously identified upside target of 5878.  As I said in yesterday’s note, risk is skewed to the upside.  The