August 22, 2019 - MDT Pro Tips A.M.

GOGO Long at $19.93
Total Premium Collected $1.95

ASNA Long at $14.20
Total Premium Collected $0.75

DUST Long $4.50
Total Premium Collected $0.70

RRC Long at $11.85
Total Premium Collected $0.70

RRC Long at $9.20

RIG Long at $8.81
Premium Collected - $1.45

FEYE Long at $17.18
Total Premium Collected $0.80

XLNX Long September 20th - $110 call for $4.80
XLNX Short September 20th - $115 call for $2.70

FDX Long August 23rd - $155 put for $1.30
FDX Short August 23rd - $152.50 put for $0.70
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The S & P 500 recouped the losses from Tuesday. For the day, the S & P 500 closed 23.92 points higher, erasing the 23.14 loss from the prior day.

Essentially, the S & P 500 is back to within 1 point of Monday's close. It closed out the day at 2,924.43.

The intraday range ended up being only 10.81 points. This was due to the fact that the market gapped up from Tuesday's close 21.53 points.

The 30 and 60 minute charts still remian bearish for the S & P 500 and resistance is at the midband on both timeframes.

In fact, the S & P 500 is right at the midband on the 30 minute. That price level is 2,926.80 and yesterday's close of 2,924.43 is about 2 points below it. The key will be if the market can clear this level. But, it is still resistance until that happens.

In addition to the resistance at the 30 minute midband, there is resistance at the 2,931 to 2,943 area.

And the support area from yesterday's daily bar is right around the 2,923 area.

Pre open, the S & P 500 is trading about 8 points higher. This projects to an open around 2,932 or about 4 points above yesterday's high of 2,928.72.

Watch to see if yesterday's high holds as support.

PLCE reported and is down 9%. And LOW reported and is trading about 12% higher.

CRM reports today after the close. And VMW as well.

Here are the Key Levels for the Markets:

$VIX:

Major level: 25.00
Minor level: 24.22
Minor level: 22.66
Major level: 21.88
Minor level: 21.10
Minor level: 19.53
Major level: 18.75
Minor level: 17.97
Minor level: 16.41
Major level: 15.63 Hit
Minor level: 14.85 **
Minor level: 13.28
Major level: 12.50

The VIX closed out yesterday at 15.80. The VIX did hit the 15.63 level. The low for the day was 15.51.

The next level on the downside is 14.85. Two closes under this level and the VIX should test 12.50 again.

On the upside, the key level is 16.41. And 17.19 should be minor resistance.

SPX:

Minor level: 3,164.08
Major level: 3,125.00
Minor level: 3,085.95
Minor level: 3,007.85
Major level: 2,968.80 <
Minor level: 2,929.73 **
Minor level: 2,851.58
Major level: 2,812.50
Minor level: 2,773.45
Minor level: 2,695.35
Major level: 2,656.30

Yesterday, SPX closed out at 2,924.43. The objective should be to the 2,968.80 level. But, whatch the minor 2,929.73 level. This is still resistance until violated.

A break above 2,924.43 and the S & P should continue higher.

2,905 should also offer minor support. And 2,880.90 is minor support as well.

QQQ:

Major level: 196.88
Minor level: 196.10
Minor level: 194.53
Major level: 193.75
Minor level: 192.19
Minor level: 189.06 **
Major level: 187.50 <
Minor level: 185.94
Minor level: 182.81
Major level: 181.25
Minor level: 179.69

The QQQ closed at 188.63. The QQQ cleared the major 187.50 level. The next minor level on the upside is 189.06.

Two closes above this level and the QQQ should run up to 193.75.

190.63 is minor resistance on the upside. This should be resistance, but if taken out, the QQQ should head higher.

IWM:

Major level: 162.50
Minor level: 160.94
Minor level: 157.81
Major level: 156.25
Minor level: 154.69
Minor level: 151.56
Major level: 150.00 <
Minor level: 148.44 **
Minor level: 145.31
Major level: 143.75

The IWM closed at 150.38, closing back above the major 150 level. At this point, support should now be at 148.44. Watch this level on the downside. A break under it and the IWM should head lower.

Watch to see if 150 holds. If it can, expect the IWM to continue higher. 151.56 is a minor resistance level.

TLT:

Major level: 150.00
Minor level: 148.44
Minor level: 145.31 **
Major level: 143.75 <
Minor level: 142.97
Minor level: 141.41
Major level: 140.63
Minor level: 139.85
Minor level: 138.28
Major level: 137.50

The TLT closed at 144.56. At this point, 143.75 should be support. To move up to 150, the TLT will need two closes under 145.31.

On the downside, the TLT would need two closes under 142.97 to head lower.

142.19 is also a minor support level. And 145.31 is a minor resistance level.

GLD:

Major level: 143.75
Minor level: 142.97
Minor level: 141.41 **
Major level: 140.63
Minor level: 139.85
Minor level: 138.28
Major level: 137.50
Minor level: 136.72
Minor level: 135.16
Major level: 134.48
Minor level: 133.60
Minor level: 132.03

The GLD closed at 141.76. This now suggest that if the 141.41 level today, the GLD should test 143.75.

The GLD is just above the upper band on the daily chart. That price level is 141.61 or 15 cents under yesterday's close.

A close under the upper band would imply a pullback to follow.

XLE:

Major level: 65.63
Minor level: 64.85
Minor level: 63.28
Major level: 62.50
Minor level: 61.72
Minor level: 60.16
Major level: 59.38 <
Minor level: 58.60
Minor level: 57.03 ***
Major level: 56.25

The XLE closed at 58.16. At this point, the objective should be to 59.38 and the XLE is within one point of it.

57.81 should offer support. And minor resistance is right at 58.20, so the XLE can clear this level today, it should head higher.

57.42 should be offer strong support.

AAPL:

Major level: 225.00
Minor level: 221.88
Minor level: 215.63
Major level: 212.50 Hit
Minor level: 209.38
Minor level: 203.13
Major level: 200.00
Minor level: 196.88
Minor level: 190.63
Major level: 187.50
Minor level: 184.38

Apple closed at 212.64. Apple took out the 212.50 level once again. This level should offer strong support.

With Apple now crossing into an uptrend on the daily chart, it now suggests buying oversold conditions should be employed.

Target on the upside is still to 250.

206.25 should be support and would be great level to get long.

WATCH LIST:

Bullish Stocks: MLM, MKC, CCI, VMC, LOPE, PG, FISV, SHAK, WELL, MPC, MMP

Bearish Stocks: BA, ILMN, ANTM, DPZ, BIIB, TSLA, MMM, AGN, FDX, JAZZ, FFIV

Be sure to check earnings release dates.