Market Summary:
Current Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1)
The SPX Index gained 45bps on the day yesterday. Price action was broader than it seemed with a high/low of 5497/5441. The Index closed at 5495 failing to break out above resistance at 5500 (Jun 20 high and Jul 19 low; Base of Aug 15 Gap Up) on both an intraday and closing basis. My Momentum/Trend (MOTR) Model has shifted to Neutral from Negative. The total return for the strict model call was +44bps with a max return within the signal of +2.13% (not bad). I see risk here as evenly distributed as I remain focused on the MOTR Signal and the previously identified support/resistance levels of Friday’s low (ref 5402) and high (ref 5522).
Everyday, but especially on this day, I say proudly God Bless America and all those who love her, respect her and have given their life for her.
Trade Support:
5450: 38.2% Retracement for the recent trough-to-peak move (Aug 5 – Aug 30)
5400: Previous Support
5387: 100dma
5300: Previous Support (Aug 2, Aug 9)
Trade Resistance:
5500: Jun 20 high and Jul 19 low; Base of Aug 15 Gap Up
5505: 50dma
5522: Sep 6 high
5538: 10dma
5600: Previous support/resistance
5669: Jul 16 high
