Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 6)
The SPX Index was essentially flat yesterday, closing the session at 6049. Daily high/low ranges have gotten considerably tighter over the past two sessions as the index tests the overhead level of 6050. Momentum and trend indicators are positive but slightly less impressive than previous rallies and on light volume. Spot VIX and Term Structure suggest the “risk on” move will continue. The ICAP Momentum/Trend (MOTR) Model signal remains Positive. Overall, risk remains to the upside in the near term.
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
