The S & P 500 followed up Monday with another narrow range quiet day of only 9 points.
It closed at 2,112.13, within 13 points on our upside objective of 2,125.
It has been a slow grind up to the objective, but the bullishness continues.
On the daily chart for the S & P 500, it finally had the 200 ema cross above the 253 day average.
The 200 ema is 2,031.44 and the 253 day average is 2,028.70.
This becomes significant because the daily chart is now alligned with the weekly chart, and these levels should be support on a pullback.?
Another point of significance is the fact that the 60 minute chart has also had the bullish crossover.
The 200 ema on the 60? minute chart is 2,078.18.? And the 253 day average is 2,077.09. This area should also be strong
support on a pullback.
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
The VIX closed one cent under the 14.06 level yesterday.
This should be resistance and is a critical level at the moment because it will need two closes above to move up to 18.75.
Yesterday's low was 12.72, within 25 cents of the major 12.50 support level.
Watch this level closely.
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
Objective remains to 2,125. The question is when and at what price should a pullback occur?
I would be looking for the 2,140 area as an area where a correction could happen.? This would coincide with the VIX reversing up off 12.50.
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
A close today above 132.03 and the upside objective should 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 again 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 popped up 2.26% yesterday and closed at 69.55, taking out the 68.75 objective.
A close today above 69.53 and the objective should be 71.88 (note the close two cents above the confirming level.).
Support should be at 67.97.? Resistance is at 71.09
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
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
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Be sure to check earnings release dates.
