Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 2)
The SPX Index closed the day essentially flat at 5917. The Index did test support at 5864 for the fourth consecutive session (see chart) but held and rallied into the close. I remain focused on the support/resistance range of 5864/5947. I am also paying attention to Spot VIX which seems poised to rally through 20 from the current 17.16 level – watch Term Structure here!! The ICAP Momentum/Trend (MOTR) Model remains Negative. As I wrote yesterday, “In my opinion risk remains skewed to the downside but a real break above 5947 with confirming internals would change that view.”
Trade Support:
5976: Nov 9 Open/Low (broken)
5947: Nov 7 Open/Low (broken)
5864: Nov 6 Open/Low (broken – intraday)
5783: Nov 5 High
5733: Sep 19 High
Trade Resistance:
6000: Even Target
6017: Nov 11 High
