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Current ICAP Momentum/Trend Model Signal: POSITIVE (Day Count = 6) The SPX index gained 15bps yesterday, closing at 5569.  What’s much more impressive than that is the index closing +2.50% above the early session low of 5433.  The last trading day of April was emblematic of a month which saw a peak-to-trough drawdown of ~15% […]

Current ICAP Momentum/Trend Model Signal: POSITIVE (Day Count = 5) The SPX index gained 57bps yesterday, closing at 5560.  The index hit a high of 5571 which marked an almost 10% rally off the Apr 21 low (ref 5101).  More interestingly, 5571 also marked the index low on Apr 2 ahead of the post-close tariff

Current ICAP Momentum/Trend Model Signal: POSITIVE (Day Count = 4) The SPX index was essentially flat on the session showing signs of indecision and whip through the day.  The high/low range was 85 handles, but the open/close range was less than one.  A wide range, push between buyers and sellers, but at the end of

Current ICAP Momentum/Trend Model Signal: POSITIVE (Day Count = 3) The SPX index gained 74bps during Friday’s session, closing at 5525.  Momentum and trend indicators continue to improve as the index has now taken out resistance at 5500 and is filling the Apr2/Apr3 gap (Liberation Day+1).  My Spot VIX model signal remains “risk on” and

Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 2) The SPX index gained 2.03% during yesterday’s session, closing well above 5400 at 5484.  My momentum and trend indicators continued to improve as the index is now well within the 5400/5500 range which I referenced on Apr 23.  This range should act as firm

Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 1) The SPX index gained 1.67% on the session, closing at 5375.  While this move was impressive, the close did come well off the day’s high (ref 5469) and below the previously highlighted resistance level at 5400.  That said, momentum and trend indicators have reversed

Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 2) The SPX index gained 2.51% on the session yesterday, closing just below 5300 on the 10dma at 5287.  The Apr 21 low (ref 5101) tested 5100 and represented a peak-to-trough, four day move lower of -6.55%.  The aggressive bounce off the 5100 level has

Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 6) The SPX index gained just 13bps during Thursday’s session, closing at 5282.  Price action overall was relatively subdued with the day’s low (ref 5255) falling right on the 10dma (ref 5256).  As I mentioned last week, for the near term I am focused on

Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 5) The SPX index fell 2.24% during yesterday’s session, closing at 5275.  This close came well below the previously identified resistance level at 5400.  In fact, as I wrote yesterday morning, “I would focus on the 5400 level (cash) and the 5364 level (front month

Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 4) The SPX index struggled to advance further during yesterday’s session, closing down 17bps and below the previously identified 5400 resistance level.  There seems to be decent supply in the 5400/5500 range as the index is fading these levels once again.  Momentum and trend indicators