Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: NEGATIVE (Day Count = 1)
The SPX Index was down 30bps yesterday, closing at 6034. The Index has now had a three-day, peak-to-trough move of -1.15%. Internals have faded and Spot VIX looks poised to spike. The ICAP Momentum/Trend (MOTR) Model signal has shifted to Negative. I continue to believe that there is more room for the Index to fade heading into year end. Risk is skewed to the downside and could potentially accelerate in Q1.
I will be traveling for the balance of the week. The next note will be on Monday, Dec 16.
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
