The markets continued to bounce yesterday, with the S & P 500 closing 28.09 points to the upside.
The S & P 500 is back within striking distance of the 2,125 level.
And the VIX continues to confirm the move by dropping another 1.01 or 6.07%.?
The VIX closed exactly on the 15.63 line yesterday.
A few comments regarding today.? The first is that Monday the markets are closed for the July 4th Holiday here in the States.
And today marks the beginning of the second half of 2016.
Most likely the trading today will be light with the New York traders heading out early for a long Holiday weekend.
Enjoy the Holiday and your weekend!
Here are the key levels for the markets.
VIX:
Minor level - 22.66
Major level - 21.88
Minor level - 21.09
Minor level - 19.53
Major level - 18.75
Minor level - 17.96 *
Major level - 15.63 *
Minor level - 14.85 *
Minor level - 13.28
Major level - 12.50
I mentioned the 15.63 level yesterday and the VIX closed exactly on that level.
For the VIX to head down it will need two closes under 14.85, in order to head back to the major 12.50 level.
17.19 should be resistance.? 14.06 should act as support.
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
Minor level - 1,984.38
Minor level - 1,953.12
Major level - 1,937.50
Support should be at 2,078.12.? And a close today above that level and the objective should be back to 2,125.
2,109.40 should be a short term support level.
Nasd 100 (QQQ):?
?
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
Minor level - 102.34
A close today above 107.03 and the upside objective should be to 109.38.
Minor levels are 108.59 and 107.81.
TLT:?
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 - 134.38
Minor level - 133.60 *
Minor level - 132.03
Major level - 131.25
The TLT continues to trade in over bought territory. It closed at 138.90 yesterday.
The objective should be to 140.63, however going long here would not be advised.
It is just under the upper band on the daily chart. The upper band is 139.39.
GLD:
Major level - 128.13
Minor level - 127.35
Minor level - 125.78 *
Major level - 125.00
Minor level - 124.22
Minor level - 122.66
Major level - 121.88
128.13 should be the objective and a difficult level to breach.
Bullish % interest still remains above the 90% level.
XLE:
Minor level - 69.53
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
The XLE is almost to the 68.75 level, closing at 68.24 yesterday.
Minor support remains at 66.41 and 67.19.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
If Apple can close above 95.31 today, the objective should be back to 100.
100 should be resistance.
Watch list:
Bullish Stocks: MMM, CBRL, CLX, CXO, JNJ, INGR, DLR, HSY, DTE, MJN, DGX
?
Bearish Stocks:? REGN, BIIB, AMGN, GS, FLT, PANW, ALXN, EXPE, CELG, MA, PII, GRA, RCL, COF
?
Be sure to check earnings release dates.
