Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 5)
The SPX Index continued the grind higher yesterday with a 24bp gain, achieving a new intra-day high (ref 6053) and closing high (ref 6047). Volumes were well below average, but it is December. Spot VIX closed at 13.34, the lowest closing level since July as term Structure is deep in contango (risk on). The ICAP Momentum/Trend (MOTR) Model signal remains Positive. The current signal has now returned an even 1% as momentum and trend signals remain positive. Overall, I stick to my previous comment, “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:
6150: Measured Move
