Market Summary:
Current ICAP Momentum/Trend Model (MOTR) Signal: POSITIVE (Day Count = 3)
The SPX Index gained 24bps yesterday, closing at 6144. While the gain was modest, it did clock a close well above the previously identified 6100/6130 resistance range. Momentum and trend indicators continue to gradually improve as both Spot VIX and VIX Term Structure remain supportive of higher equity prices. The ICAP Momentum/Trend (MOTR) Model signal remains Positive. Risk remains to the upside for the near term as internals continue to improve and 6130 begins to act as support.
Trade Support:
6130: Previous Resistance
6100: Previous Resistance
6000: Previous Support
5850/5900: Jan 14 / Jan 15 Gap
Trade Resistance:
6250: Measured Move
6400: Measured Move
