Charts

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

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 9) The SPX Index broke previously identified support at 5864 very early in the session, hitting a low of 5832.  The Index then rallied over 2.5% to hit a high of 5982 and closed up 1.09% on the day at 5930.  Overall, the

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 8) The SPX Index closed essentially flat at 5867 after a failed attempt to rally very early in the session.  The high on the day was 5935 which was actually just 10 points shy of the 38.2% retracement of the Dec 18 bar. 

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 7) Oh Magoo, You’ve Done It Again!!!! For almost two weeks I have been writing (and positioning) that risk was skewed to the downside and that volatility was poised to spike aggressively higher in the near term.  In fact, on Dec 11 I

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 6) The SPX Index closed down 39bps yesterday at 6050.  The Index hit a low of 6035 on the heaviest volume since Nov 15.  Momentum and trend indicators continue to fade.  Spot VIX rallied ~10% and is now up ~20% for the month

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 5) The SPX Index rose a modest 38bps yesterday, hitting a high of 6085 and closing at 6074.  The Index continues to do work below the 6100 level as internals remain negative to flat.  I continue to believe that there is a high

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 4) The SPX Index ended Friday’s session dead flat at 6051 although the high/low range for the day was relatively wide at 6078/6035 (43 points).  The Index essentially opened at the highs and faded for the balance of the cash session.  The Index

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 1) The SPX Index was down 30bps yesterday, closing at 6034.  The Index has now had a three-day, peak-to-trough move of -1.15%.  Internals have faded and Spot VIX looks poised to spike.  The ICAP Momentum/Trend (MOTR) Model signal has shifted to Negative.  I

Market Summary: Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 2) The SPX Index faded 61bps yesterday following the previous session’s test of resistance at 6100.  The low on the day was 6048 and the close was marked at 6052.  As I wrote yesterday, “I would expect trading to begin to slow down