Charts

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 9) The SPX Index fell 95bps during Friday’s session, closing at 6025.  As I have continued to reiterate over the past few weeks, price is showing signs of topping near all-time highs as momentum and trend indicators continue to degrade.  Additionally, Spot VIX […]

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 6) The SPX faded over 2% yesterday, hitting a low of 5962 early in the session.  The Index closed down 1.46% at 6012.  Headlines aside, internals degraded as the index gaped down and broke back below 6100 support on an intra-day and closing

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 5) The SPX Index faded just 29bps during Friday’s session, closing at 6101.  That said, the Index also achieved a new all-time high (ref 6128) but, more concerningly broke back below previous support at 6100 with a low of 6088.  This retest at

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 4) The SPX ran 53bps on the session, hitting a new all-time high of 6118.73 and closing at 6118.71.  As I wrote yesterday, “a breakout above 6100 is the more likely outcome.”  This is what we are watching unfold.  Although I have remained

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 3) The SPX Index gapped up to open at 6081, hit a new intraday all-time high of 6100.81 and closed at 6086 (+61bps).  Momentum, trend and VIX signals all remain strong as the Index essentially tested the previous all-time high of 6099.97 achieved

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 2) The SPX Index continued its push higher as it ran 88bps during yesterday’s session, closing at 6049.  This close is 4.78% higher than the Jan 13 low and just 50 handles below the Dec 6 all-time high of 6099.  Market internals have

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 2) The SPX Index opened yesterday’s session at 5963, hit a high of 5964, and faded to close down 21bps at 5937.  The stick was somewhat constructive as a little consolidation/pause is healthy after the three-day, trough-to-peak rally of over 3% we have

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1) The SPX Index ran 1.83% on the day, hitting a high of 5960 and closing at 5949.  The 5770 support level continues to act as support with aggressive buying above.  The Index is now back within the previously identified “topping” area as

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 5) Despite some intraday volatility the SPX Index maintained its balance.  While the 11bp gain is unimpressive, the Index did close above the 100dma (ref 5824), the Jan 13 high (ref 5838) and the Dec 20 and Jan 2 lows (ref 5830) (previously

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 4) The SPX Index opened yesterday on a gap down at 5782, hit an early session low of 5773, did a ton of work and then lifted to close just above the 100dma (ref 5822) at 5836.  While the gain on the day