December 12, 2016 - MDT Pro Tips A.M.

Total Premium Collected? $1.95

ASNA Long at $14.20
Total Premium Collected $.75

DUST Long $4.50
Total Premium Collected? $.70

DYN Long at $12.55
Premium Collected $.48

FEYE Long at $13.65
Total Premium Collected $.68
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The S & P 500 ended up closing 67.58 points to the upside last week, at 2,259.53.

This was a gain of 3.08% for the week.

The DOW ended up closing to the upside a similar amount, with a gain of 3.06%.

The NASD market seemed to have caught up after being the laggard.? The composite was up 3.38% or 119.50 points.? The QQQ closed up 3.28% or 3.80 points.

With new highs being made virtually daily, the outlook certainly looks positive. I was looking for a close above 2,250 and the market managed to do that on Friday.

The question is when will profit taking come in?

Perhaps this week with the long anticipated Fed rate hike this Wednesday at 2:00 EST.? Or perhaps at year end when investors and funds adjust their portfolios.

The point is that profit taking will happen.? It always does.? Don?t be mistaken to think that this market will continue up forever.

Earnings are relatively quiet this week, with most companies having already reported.

Continue to monitor the levels for entry points.

Here are the Key Levels for the Markets:

$VIX:

Major level ? 14.06
Minor level ? 13.67
Minor level ? 12.89
Major level - 12.50
Minor level ? 12.11*
Minor level ? 11.33
Major level ? 10.94
Major level ?? 9.38 ***

The VIX closed at 11.75, down 16.78% for the week.? If it closes under 12.11, it could test 9.38.? 12.50 should now be resistance.

The fact that it is at its long term support level, means we need to be alert to a pullback.

12.11 could be minor resistance.

?

$SPX:

Minor level ? 2,265.62
Major level - 2,250.00 ***
Minor level - 2,234.38
Minor level - 2,203.12
Major level - 2,187.50
Minor level - 2,171.88
Minor level - 2,140.62
Major level - 2,125.00
Minor level - 2,109.38
Minor level - 2,078.12
Major level - 2,062.50

With a close above 2,250. It should now act as support.? If the S & P 500 can close above 2,257.82 today, it should run to 2,281.

2,265 is the next minor resistance level that has to be cleared to head higher.

QQQ:?

Major level - 121.88
Minor level - 121.10
Minor level - 119.53 ***
Major level - 118.75 *
Minor level - 117.97
Minor level - 116.41
Major level - 115.63
Minor level - 114.84
Minor level - 113.28
Major level - 112.50

The QQQ closed at 119.50, just three cents under the 119.53 level,? The QQQ will still need two closes above 119.53 to move up to 121.88.

118.75 should now be support. 120.31 could offer minor resistance.

TLT:?

Major level ? 125.00
Minor level ? 124.22
Minor level ? 122.66
Major level ? 121.88
Minor level ? 121.09
Minor level ? 119.53
Major level ? 118.75 **
Minor level -? 117.96 *
Minor level ? 116.41
Major level ? 115.62

The TLT continues to trade lower, closing at 117.50 last week.? This was a loss of 1.76% for the week.? A close today under 117.96 and the TLT should drop to 115.

Ultimately, the TLT could drop to 112.? 118.36 should be minor resistance.

 

GLD: ?

Major level: 115.63
Minor level: 114.85
Minor level: 113.28
Major level: 112.50 *
Minor level: 111.72 **
Minor level: 110.16
Major level: 109.38 **
Major level: 106.25

The objective for the GLD should be to 109.? 109.38 is a major level for the GLD.? If the GLD closes two days under 109.38, this would indicate a further drop on the GLD.? Watch the see of the GLD drops under 109.38.

112.50 should be resistance now.

XLE:

Major level ? 78.12
Minor level ? 76.56 **
Minor level ? 75.78 *
Major level - 75.00
Minor level - 74.22 *
Minor level - 72.66
Major level - 71.88
Minor level - 71.10
Minor level - 69.53

The XLE is on its way to 78.12.? I would expect this level to be tough to get through on the first attempt.? If it can clear 78.12, then it is highly likely the XLE will head even higher.

75.78 should be minor support.

FXY:

Minor level: 87.11
Minor level: 86.33
Major level: 85.94 **
Minor level: 85.55
Minor level: 84.77 **
Major level: 84.38
Major level: 82.81

The FXY broke Friday and closed at 83.70.? Target to the downside for the FXY is 81.

Minor resistance should be at 83.98.? 83.20 minor support.

AAPL:

Ma
jor levels for Apple are 118.75, 115.63, 112.50, 106.25, 100, 93.75, and 87.50.

Apple closed above 112.50, at 113.95 last week.? 112.50 should now be support.? The short term 60 minute chart is close to moving into an uptrend.? When that happens, expect Apple to continue higher.

WATCH LIST:

Bullish Stocks: PCLN, GS, SPY, FDX, IBM, BA, CB, ACN, CLB, UPS, CVX, JACK, AGU, WBA, TIF, RS, ETN

Bearish Stocks:? ILMN, PRGO, TEVA, MAT, AKRX

Be sure to check earnings release dates