Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 5)
The SPX Index gained 47bps yesterday, closing at 5842. The 5800 support level was tested and held for the second day in a row with a low of 5808. On a near-term basis I remain very focused on 5800 as key support. Note, this level on the SPX cash correlates to the 5850/5860 level for the front month S&P 500 futures (ESZ4 Index). The low on the day for these contracts was 5853. The ICAP Momentum/Trend (MOTR) Model Signal remains Positive. Overall, risk remains skewed to the upside. I remain focused on the potential for additional upside from current levels with a very close eye on the MOTR Signal and the 5800 level.
Trade Support:
5800/5796: Oct 9 High
5733: Sep 19 High
5686: Sep 19 Low
5615: Sep 18 Low
Trade Resistance:
5878: Projection Level
5970: Projection Level
6000: Even Target
