Yesterday was a relatively quiet day with a range of about 13 points for the S & P 500.
It closed at 2,109.41, which you may recognize is three cents above the minor 2,109.38 resistance level.
With a bullish close yesterday above the minor resistance level and a close above the high of last week's doji bar, bias still
remains to the upside.? And to the upside objective of 2,125.
The short term 60 minute chart for the S & P 500 is within a point from having a bullish cross over.? Once this happens,
further movement to the upside should be forthcoming.
The major negative for the markets at this point, is that the VIX is down to it's long term major support level.? Until it
reverses to the upside, profiting from the long side will be the most prudent strategy.
Pre open, the markets are trading slightly higher.
Here are the key levels for the markets.
VIX:
Minor level - 20.31
Major level - 18.75
Minor level - 17.19
Minor level - 15.63 *
Minor level - 14.06 *
Major level - 12.50 *
Minor level - 10.94
14.06 has still acted as resistance.? To move higher, the VIX will need two closes above 14.06.
Minor support at 13.28.?
S & P 500 Cash Index:?
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
A close today above 2,109.38 and it paves the way for the move to 2,125.
Support should be at 2,093.80 and 2,085.90.
Minor resistance at 2,113.30 and 2,117.20.
?
Nasd 100 (QQQ):?
Major level - 112.50
Minor level - 111.71
Minor level - 110.16 *
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
The objective for the QQQ should be 112.50.
Minor support should still be at 110.16 and 109.96.
TLT:?
Major level - 132.81
Minor level - 133.60
Minor level - 132.03 *
Major level - 131.25 *
Minor level - 130.46
Minor level - 128.91
Major level - 128.13
The TLT closed at 132.24, just above the 132.03 level.
?
Objective should still be to 132.81.
Minor support should be at 131.64 and 131.25.
GLD:
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 - 115.63
Minor level - 114.85
Minor level - 113.28
Major level - 112.50
The GLD closed just above the 118.75 level.
To move higher, it will need two closes above 119.53.
?
To move lower, two closes under 117.96.
121.88 should be strong resistance.
XLE:
Major level - 71.88
Minor level - 71.09
Minor level - 69.53
Major level - 68.75 *
Minor level - 67.96
Minor level - 66.41 *
Major level - 65.63
Major level - 62.50
The XLE is within 75 cents of the 68.75 objective.
Minor support should be at 67.58.? Resistance is at 69.53
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple spiked up to a high of 101.89 before closing at 98.63.
The 60 minute chart just crossed over into an uptrend.
Look for more movement to the upside.? And buy against support.
Minor support should be at 96.88 and 95.31.
Watch list:
Bullish Stocks: AMZN, ULTA, LLL, MLM, RTN, ACN, ROK, SWK, ASML, CTAS, DKR, CCI, BURL, DRI, SINA
?
Bearish Stocks:? BA, SIG, DIS, WAB, SBUX, NKE, HXL, CUK, AL
?
Be sure to check earnings release dates.
