Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1)
The SPX Index hit both an all-time intraday high (ref 6099) and closing high (ref 6090) during Friday’s session. Internals are relatively supportive with momentum and trend indicators positive to flat. Spot VIX and VIX Term Structure remain in a “risk on” posture. The ICAP Momentum/Trend (MOTR) Model signal did shift to Neutral after a +1.72% gain on the previous Positive signal. I would expect trading to begin to slow down as we head deeper in December and with it a decreased probability of a push much beyond the current highs. Overall, I expect the Index to trade near current levels for the balance of 2024 with a slight risk of some downside retracement heading into year end.
Trade Support:
6000: Even Target
5976: Nov 9 Open/Low
5947: Nov 7 Open/Low
5864: Nov 6 Open/Low
Trade Resistance:
6100: Dec 6 High
6150: Measured Move
