You should have closed out the HFC position yesterday, booking the gain.
The S & P 500 continues to make record highs, closing at 2,163.75.? It moved up 7.30 on the day.
And the market reaction continues to leave investors baffled by this move.
I am sure when I mentioned that the longer term objective for the S & P 500 was 2,250, you most likely thought that was crazy.
However, that doesn't seem that crazy now, does it?
The market is less than 100 points away from that level.
But, it has to clear 2,187.50 first.
2,187.50 is the active objective at the moment.? And with the 60 minute chart moving into an uptrend, I do suspect that 2,187.50 will get hit.
We are within 25 points of that objective, so it could get hit in a day or two.
The major negative at the moment is that the VIX traded to a low of 12.14 yesterday, before it closed at 12.82.
If the VIX bounces from here, the markets should see some profit taking.? In fact, a pullback would be an opportunity to get long.
Watch the major 12.50 level on the VIX for signs of a bounce.
Here are the key levels for the markets.
VIX:
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 *
Minor level - 11.72
Minor level - 10.15
Major level - 9.38
Minor support should be at 10.94.? And 12.50 should be major support.
To move higher, the VIX will need to close above 13.28.? 14.06 should be resistance.
S & P 500 Cash Index:?
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
Minor level - 2,046.88
Minor level - 2,015.62
Major level - 2,000.00
Objective should be to 2,187.50.? 2,156.30 should be a support level.
2,171.90 is a minor resistance level.
Nasd 100 (QQQ):?
Major level - 115.63
Minor level - 113.28 *
Major level - 112.50 *
Minor level - 111.72 *
Minor level - 110.16
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
The QQQ came within 31 cents of the 112.50 level yesterday, closing at 111.98.
109.38 should be support.? 111.33 should be minor support.
Support should also be at 110.94.
TLT:?
Major level - 143.75 **
Minor level - 142.96
Minor level - 141.41
Major level - 140.63
Minor level - 139.85
Minor level - 138.28
Major level - 137.50 *
The TLT continues to drop from it's overbought condition.
It closed to the downside just over 2 points, at 139.59.
At this point, if it closes under 139.85 today, it should try and test 137.50.
Minor resistance is at 140.63.
GLD:
Major level - 131.25 **
Minor level - 130.46 *
Minor level - 128.91
Major level - 128.13
Minor level - 127.35
Minor level - 125.78
Major level - 125.00 *
Minor level - 124.22
The GLD is also puling back from it's overbought condition.
It closed at 127.33, down .99 on the day.
If the GLD closes today under 127.35, look for a move down to 125.
Bullish % interest for the gold miner sector has dropped to 96.43%.
XLE:
Major level - 71.88
Minor level - 71.10
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 hovering just above the 68.75 level.
To move higher, it needs two closes above 69.53.
Yesterday's high was 69.63.
Minor support is at 69.14.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple closed up almost $2 yesterday.? It closed at 98.78. So, it is within $2 of the 100 objective.
97.66 should be minor support.
Watch list:
Bullish Stocks: LMT, ULTA, BCR, MMM, BDX, COST, WAT, RTN, CASY, UPS, CTAS, CME, COR, VRSK
?
Bearish Stocks:? HUM, FLT, BWLD, JAZZ, MA, ACHC, AGU, HIG, MET, VRNT, SF
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Be sure to check earnings release dates.
