Charts

Market Summary: Current Momentum/Trend Model (MOTR) Signal:  NEGATIVE (Day Count = 14) After the recent ~10% peak-to-trough drawdown the SPX index has now achieved all of my previously identified downside targets which were established back in mid-July.  Coming off the Aug 5 low of 5119 the index rallied just under 4% to an intra-day high […]

Market Summary: Well, that was ugly!!!! Ironically, after pounding the table with warning signs the past 6 weeks there’s not much to say today.  I have not seen a market like this since 2007-09 and I am confident there’s more to come.  The SPX has now seen a peak-to-trough drawdown of ~10%.  Yesterday’s low of

Market Summary: To start, I had written in the July 26 note that I would be traveling last week and would not be issuing another note until today.  What a week it was! While I hate to see such a volatile and destructive market, I am pleased to have been way out ahead of the

Market Summary: The SPX index was certainly volatile during yesterday’s session with an initial move down of 72bps, then a rally of ~1.90% followed by a slide to end the day of ~1.70%.  None of this has been a surprise as I have been cautious on the market since early July.  As the index was

Market Summary: The SPX failed at resistance again yesterday at the previously identified 10dma (ref 5589), the 38.2% retracement level (ref 5562) and the 50% retracement level (ref 5583).  Risk remains to the downside.  That has been my expectation for the past three weeks even as the SPX index was finishing its run to all-time

Market Summary: As I wrote yesterday, this recent drawdown in the SPX index was expected based on price action and my momentum/trend model (MOTR) having shifted first to Neutral and then to Negative as the index hit all-time highs.  I stated yesterday that “My model signals are degrading further setting up for an additional leg

Market Summary: The SPX Index was down for the third consecutive session this past Friday, closing down 71bps at 5505 (low of 5497).  Obviously, the current drawdown was expected as I have been cautious for the past few weeks.  That caution came as the index finished its run to an all-time high of 5669 on

Market Summary: As expected, the SPX continued its downward retracement during yesterday’s session hitting a low of 5522 and closing down 78bps at 5544.  As I have continued to write, “I remain confident that price weakness will expand and am focused on the support levels below as downside targets”.  Well, this move down did just

Market Summary: The SPX gapped down on the open yesterday and never looked back.  The session high for Jul 17 was 5622 and the session low for Jul 16 was 5639.  This generated a 17-point gap as the index slid 1.39% on the day closing below the 10dma (ref 5597) for the first time in

Market Summary: The SPX gained ~60bps during yesterday’s session closing at the previously identified resistance level of 5666 (C).  The A, B, C cluster of resistance discussed yesterday held through the session which, in my opinion, has created a very clean and growing range of supply on top of the index.  My Momentum/Trend (MOTR) model