July 25, 2019 - MDT Pro Tips A.M.
While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to a six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three-day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
CURRENT POSITIONS:
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
SNAP Long at $14.54
Total Premium Collected - $3.47
Short July 26th - $14.50 Call @ $0.84
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
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The S & P 500 continued to move higher yesterday. The S & P closed at 3,019.56. It was up 14.09 on the day.
This puts the market about 100 points away from the next upside objective.
And the range for the day ended up at 22.77 points, which was just above the daily average true range which is now 21.83.
The day ended up closing at 100% of the daily bar, which does suggest that the high will be violated before the low. This is similar to Tuesday, which closed at 98% of the daily bar and continued to head higher.
The low for the day ended up stopping right around one of the support levels from Tuesday, which was 2,997. The actual low was 2,996.82 or within one point of the level I mentioned yesterday.
Now that the market has closed back above the weekly support area of 2,995 to 2,997, it should act as support.
As I said yesterday, for the market to move higher, it needs to clear this area.
The support area from yesterday's daily bar is in the 3,008 area.
CMG ended closing $38.36 higher after reporting. And TSLA is down about $32 after reporting last night. PYPL is also selling off after reporting.
This afternoon we get earnings from AMZN.
Here are the Key Levels for the Markets:
$VIX:
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
Minor level: 14.85 **
Minor level: 13.28
Major level: 12.50 <
Minor level: 11.72
The VIX closed at 12.07 yesterday. For the day, the VIX closed 4.28% to the downside. We had been looking for the 12.50 level to be hit and now the VIX is back under it.
This now puts us on alert that a bounce is possible. But, at this point, 12.50 should be resistance.
There is a minor level at 12.11 and if the VIX closed under it today, I would expect a move down to 10.94.
12.89 is also 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
Minor support is still at 2,993.20. And there is a resistance level at 3,017.60. If the S & P clears this level, look for a move up to 3,042.
Getting overbought short term but technical support is at 2,995.
Bias is still to the upside.
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 195.15. With a close above 194.53 today, the QQQ should move up to 196.88.
194.53 should be minor support. And 193.74 should be major support.
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 157.26. Finally, it had a strong push up from the midband.
We have been looking for a strong move, either up or down because of how long the IWM has traded around the midband. The midband is now 153.93.
154.69 should be support.
TLT:
Major level: 134.38
Minor level: 133.60
Minor level: 132.03
Major level: 131.25
Minor level: 130.47 **
Minor level: 128.91
Major level: 128.13
Minor level: 127.74
Minor level: 126.95
Major level: 126.56
Minor level: 126.17
Minor level: 125.39
Major level: 125.00
The TLT closed at 131.79. To head lower, the TLT will need two closes under 130.47, and to move higher, two closes above 132.03.
131.25 should be support. And watch the 131.64 level for support or resistance.
GLD:
Major level: 137.50
Minor level: 136.72
Minor level: 135.16 **
Major level: 134.48 <
Minor level: 133.60
Minor level: 132.03
Major level: 131.25
Minor level: 130.47
Minor level: 128.91
Major level: 128.13
Minor level: 127.74
Minor level: 126.95
The GLD closed at 134.37. Retesting the upper band. If it cannot clear it, look for a pullback.
At this point, resistance is at 135.94 and support is at 132.81.
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 63.49. The XLE continues to inch up to the 65.63 objective.
Minor support is at 62.89. And support is also at 63.28.
AAPL:
Major level: 212.50
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
Minor level: 178.13
Major level: 175.00
Apple closed at 208.67. The objective contimues to be up to 212.50.
207.03 is minor support. Look for a move up to 209.
The 206 area is technical support.
WATCH LIST:
Bullish Stocks: ULTA, SHOP, AVGO, COST, PANW, MCD, LRCX, OLED, EW, VMW, CLX, ITW, IBM, HSY, KLAC, XLNX, YUM
Bearish Stocks: DPZ, LLY, EA, WTFC, NDC, IBKR, THC, VST, CC, PXD
Be sure to check earnings release dates.
