Thursday, January 30th, 2025

Market Summary:

Current ICAP Momentum/Trend Model (MOTR) Signal: NEUTRAL (Day Count = 2)

The SPX Index closed down 47bps on the session at 6039.  The index came close to a retest of support at 6000, hitting a low of 6012 just as Mr. Powell began speaking.  The session was volatile with multiple 20+ handle swings.  Momentum and trend indicators weakened further as spot VIX spiked intraday ~10% to a high of 18.08.  The ICAP Momentum/Trend (MOTR) Model signal remains in Neutral.  As I wrote yesterday, “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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