Wednesday, January 29th 2025

Market Summary:

Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 1)

The SPX Index rose 92bps on the session, closing at 6067.  This close brings the index to within 61 points of the all-time high (ref 6128) achieved on Jan 24.  That said, short term trade signals remain mixed.  Momentum and trend signals remain overall positive but are degrading.  Spot VIX and VIX Term Structure have whipped back and forth much more aggressively than usual, ending the session in a “risk on” and neutral posture respectively.  The ICAP Momentum/Trend (MOTR) Model signal has shifted to Neutral from Positive.  Overall, I am neutral for the short term (taking advantage of price volatility)  but see the greater risk longer term to the downside.

Trade Support:

6000: Previous Support

5950: Nov 7 Low

5770: Bottom of Nov 5 / Nov 6 Gap; Jan 13 Low

5700: Oct 31/ Nov 4 Lows

Trade Resistance:

6100: Dec 6 / Jan 21 Highs

6400: Measure Move

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