Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 2)
The SPX Index faded 61bps yesterday following the previous session’s test of resistance at 6100. The low on the day was 6048 and the close was marked at 6052. As I wrote yesterday, “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.” That said, internals have begun to fade as Spot VIX (although still depressed) closed up 11% at 14.19, suggesting that volatility may have bottomed for now. The ICAP Momentum/Trend (MOTR) Model signal remains Neutral. Risk remains flat to skewed to the downside under the current set up.
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
