The S & P 500 closed to the upside 6.99 points yesterday, at 2,110.12.? The high for the day was 2,120.55.? This is within 5 points of our objective.
The VIX closed at 14.08 yesterday, signalling the first close above 14.06.?
Twe cents may not seem very important, but if the VIX does close above the 14.06 level today, I would expect it to push
up to 15.63.? And the markets to head down.
Because the shorter term charts for the markets have moved into uptrend formation, I would expect another rally.
The most likely area for support should be around the 2,093 area in the S & P 500.
Pre open, the markets are trading to the downside.
Here are the key levels for the markets.
VIX:
Minor level - 19.53
Major level - 18.75
Minor level - 17.96
Minor level - 17.19
Minor level - 16.41
Major level - 15.63 *
Minor level - 14.84
Minor level - 14.06 *
Minor level - 13.28
Major level - 12.50 *
Minor level - 10.94
Watch how the VIX reacts around the 14.06 level today. A close above it and it should act as support.
15.63 and 14.84 should be minor resistance levels.? Remember, if the VIX can get through a level, it should act as support.
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
2,109.38 should be a support level.
Minor resistance at 2,117.20.? Minor support at 2,101.60
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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 is at 109.96 and 109.57.
The QQQ had a narrow range doji yesterday and the close of 110.37 should be a resistance level.
TLT:?
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
Minor level - 130.46
134.38 should be the objective for the TLT, and pre open, it is trading just under that level.
Resistance should be at 135.16.
Minor support should be at 133.20 and 132.80.
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 gapped up and closed at 120.58 yesterday.
121.88 should be strong resistance.? Watch how the GLD reacts around the 121.09 level.
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 closed at 69.39 yesterday, just under the 69.53 level.
Because it closed under 69.53, the XLE will still need two closes above that level, to confirm a move up to 71.88.
Support should be at 68.75.
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.
Still sitting just under the major 100 level.
Watch list:
Bullish Stocks: AMZN, ULTA, LLL, MLM, RTN, ACN, ROK, SWK, ASML, CTAS, DKR, CCI, BURL, DRI, SINA
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Bearish Stocks:? BA, SIG, DIS, WAB, SBUX, NKE, HXL, CUK, AL
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Be sure to check earnings release dates.
