Charts

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 5) The SPX index fell 4.84% yesterday, closing at 5396.  The index is now well below my 5500 support level as trend and momentum indicators roll over.  Both Spot VIX and VIX term structure are “risk off”.  The ICAP Momentum/Trend (MOTR) Model signal […]

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 4) The SPX index gained 67bps yesterday, closing at 5670.  The high on the day was 5695, testing but failing at the previously identified resistance level (and top of near-term range) at 5700.  The index remains stuck in the 5500/5700 range as momentum

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 3) The SPX index gained 38bps yesterday, closing at 5633.  The index remains below the 5700 level as price, momentum and trend all try to gain their footing in unison.  Spot VIX remains “risk on” and VIX Term Structure is neutral.  The ICAP

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 2) The SPX index started the session yesterday down 1.65%, hitting a low of 5488, then rallying to close up 55bps at 5627.  As I wrote on Mar 27 (ref close was 5693), “The 5700 level needs to hold, or I would expect

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 1) The SPX index fell 1.97% on the day Friday, hitting a low of 5572 and closing at 5580.  Momentum and trend are breaking down aggressively.  Spot VIX does remain “risk on” but VIX term Structure is neutral and moving quickly towards “risk

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 4) The SPX index fell 33bps on the day yesterday closing at 5693.  This was the second “doji” formation in the past three sessions with a high/low spread of 38 points and an open/close spread of just two.  More indecisive price action and,

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 3) The SPX index lost 1.10% on the session, closing at 5712.  I had noted that the Mar 25 stick created a doji, representing “indecision/pause as the index begins to encounter more significant resistance from 5750 up to 5900.”  Price action yesterday did

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 2) The SPX index gained just 16bps on the session closing at 5776.  The day’s price action formed a small doji with a high/low spread of 26 points and an open/close spread of just one point.  Natural indecision/pause as the index begins to

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 1) The SPX index gained 1.76% on the day, closing at 5767.  This marks a 4.46% rally from the Mar 13 close (ref 5521).  The index has now cleared resistance at 5700 and 5750.  Additional near-term resistance levels are 5800 and the 50dma

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 4) The SPX index gained just 8bps on Friday, closing at 5667.  However, in the process, the index did hit a low of 5603, marking the second test of 5600 in the past four sessions.  As the index continues to work off the