Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 7)
The SPX Index had a strong session yesterday with a gain of 61bps, closing at yet another all-time high of 6086. Momentum, trend indicators and volume all improved confirming the strength in price. Spot VIX and Term Structure suggest the “risk on” move will continue. The ICAP Momentum/Trend (MOTR) Model signal remains Positive. The total return on the current signal is now +1.66%. Risk remains to the upside.
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
