Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 3)
A late session rally pulled the SPX Index off the session low of 5703 to a high of 5765 and a close of 5762. Note the 10dma (ref 5708) held as intraday support. The Index continues to churn around what I see as a significant support/resistance level at 5733 (Sep 19 high). As the Index achieved a fresh closing all-time high, market internals continue to fade/flatline suggesting that there is some minor level of negative divergence developing. The ICAP Momentum/Trend (MOTR) Model remains in Neutral signaling a potential for price reversal and fade from current levels. While waiting for some resolution to the current neutral setup, I do see risk skewed slightly to the downside but am waiting for confirmation from both price and the MOTR signal.
Trade Support:
5733: Sep 19 High
5708: 10dma
5686: Sep 19 Low
5615: Sep 18 Low
5600: Previous Support/Resistance
Trade Resistance:
5878: Projection Level
