Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1)
The SPX Index gained 35bps on Friday, closing at 5969. The high of 5972 was within four handles of the highlighted 5976 level (previous support, now resistance). The support/resistance range which I have been focused on is 5864/5947. After four consecutive tests of support at 5864 (Nov 15, 18, 19, 20) the Index has now rallied through 5947 with confirming momentum and volatility. The ICAP Momentum/Trend (MOTR) Model has shifted to Neutral from Negative. The recent price action and model shift were not what I expected. All said, my cautious tone is fading as the Index seems to be gearing up for a year-end rally.
Trade Support:
5947: Nov 7 Open/Low
5864: Nov 6 Open/Low
5783: Nov 5 High
5733: Sep 19 High
Trade Resistance:
5976: Nov 9 Open/Low
6000: Even Target
6017: Nov 11 High
