Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1)
The SPX Index ran 71bps on the session breaking and closing above 5760 resistance. The Oct 7 test and hold at the 5686 support level seems to have been the key with the Index at new all-time highs, closing at 5792. Pure price action was clearly bullish, but internals were mixed. While momentum and trend did improve volumes were below average and Spot VIX held the Oct 7 low (ref 20.65) closing at 20.86. The ICAP Momentum/Trend (MOTR) Model did shift from Negative to Neutral. All said, the Index seems poised to break higher through the 5800 level with a retest of 5760 (now support) likely to occur first. I am watching for that re-test and/or need the MOTR Signal to fully confirm with a shift to outright Positive.
Trade Support:
5760: Previous Resistance
5733: Sep 19 High
5686: Sep 19 Low
5615: Sep 18 Low
5600: Previous Support/Resistance
Trade Resistance:
5796: Oct 9 High
5878: Projection Level
