The S & P 500 continues to inch closer to the 2,125 objective, closing at
2,100.80 yesterday.? It is now within 25 points of the price level.
While I had expected 2,093.80 to offer some resistance, the fact that the
market was able to get through that level meant that is should have
acted as support.
Because the S & P 500 opened above 2,093.80, it should have now been support.
And yesterday's low was 2,091.68, or just 2.12 points under the level.
2,109 should now offer some resistance.? If the market can clear that level,
2,125 will be within reach.
The VIX is getting very close to the major 12.50 level.? I mentioned the 13.28
level for the VIX and how that could be support level.? The VIX opened
at 13.18 yesterday, just 4 cents under the level.? Once that happened, you
would expect a retest of the level.
After rallying to a high of 13.88, or 18 cents under the next resistance level of
14.06, the VIX proceeded to drop and closed under 13.28, at 13.24.
NFLX ended up down 12.97% off their earnings. And IBM was off 5.6%.
The largest move yesterday was ILMN, which was down 23.16%.
Even though there have been some dissappointments, the markets continue
to shrug the news off.
I hope to see you on the webinar today.
?
Here are the key levels for the markets.
VIX:
Major level - 25.00
Minor level - 23.44
Minor level - 20.31
Major level - 18.75 *
Minor level - 17.19
Minor level - 15.63
Minor level - 14.06 *
Major level - 12.50 *
The 14.06 did act as resistance, as predicted.? Objective is still to 12.50.
Major resistance at 15.63.? 10.94 is a level I would NOT expect the
VIX to exceed.
?
S & P 500 Cash Index:?
Major level - 2,125.00
Minor level - 2,109.38
Minor level - 2,078.12
Major level - 2,062.50 *
Minor level - 2,046.88 *
Minor level - 2,015.62
Major level - 2,000.00
2,093.80 should now be support. Minor resistance at 2,101.60 and
2,109.40.
2,125 is still the active objective.
Nasd 100 (QQQ):?
Major level - 112.50
Minor level - 111.71
Minor level - 110.16 *
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
Minor level - 103.91
Major level - 103.13
The QQQ diverged from the S & P 500 and closed to the downside
yesterday, at 110.55.
However, I did mentioned yesterday that 110.55 should be minor
support.?
Objective is still to 112.50.
TLT:?
Major level - 134.38
Minor level - 133.59
Minor level - 132.03 *
Major level - 131.25 *
Minor level - 130.46
Minor level - 128.91
Major level - 128.13
The TLT closed just under 131.25 yesterday, at 130.90.
To move down, the TLT would need two closes under 130.46.
Minor support is at 130.86.
GLD:
Major level - 125.00
Major level - 121.88
Minor level - 121.10
Minor level - 119.53 *
Major level - 118.75
Minor level - 117.96
Minor level - 116.41
Major level - 115.63
Minor level - 114.85
A close today above 119.53 and it should move up to 121.88.
Still biased for a move down based on the fast upmove the GLD as made.
XLE:
Major level - 68.75
Minor level - 67.96
Minor level - 66.41
Major level - 65.63
Minor level - 64.85
Minor level - 63.28 *
Major level - 62.50
Minor level - 61.72 *
The XLE took out the 65.63 objective yesterday, closing at 65.88.? The mid
band on the daily chart is 65.72 and it closed above that level as well.
Two closes above 66.41 and the objective should be to 68.75.
68.75 should be a tough level to get through on the first attempt.
Lower levels should continue to act as support.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple stopped yesterday at 106.23, just two cents under the 106.25
support level.
I believe the lowest that Apple could drop at this point would be to 100.
If it starts to reverse around the 106 level, it could pave the way to a move
up to 125.
Watch list:
Bullish Stocks: GOOGL, AMZN, AYI, BIDU, BDX, MMM, LLL, HD, ACN, HON, ALGN
Bearish Stocks: AGN, PANW, AGU, TSO, DDS, ZBRA, VLO, AKAM, STX, NTAP
Be sure to check earnings release dates.
