Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 4)
The SPX Index ended the month of November up nearly 6%, closing at 6032 on Friday. A new all-time high was achieved as well at 6044 on light, holiday volume. Overall, internals are supportive of higher prices with momentum, Spot VIX and VIX Term Structure all in line. The ICAP Momentum/Trend (MOTR) Model signal remains Positive. I would focus on the next upside target of 6150 with a watchful eye on the 6000 level. All else equal, I am bullish above 6000 and flat/short below.
Trade Support:
6000: Even Target
5976: Nov 9 Open/Low
5947: Nov 7 Open/Low
5864: Nov 6 Open/Low
Trade Resistance:
6017: Nov 11 High (broken)
6150: Measured Move
