Yesterday I mentioned how the S & P 500 should have a range expansion and it did not disappoint on that end.
The S & P had a 27 point range versus an average true range of 20.49.
The range was over three times the narrow range day from Monday.
The low for the day was the open and the S & P 500 ran through the 2062.50 level and took out the 2,078.12 level, before settling at 2,076.06.
On the other hand, the VIX collapsed and closed down almost 9% for the day, at 14.42.
The 200 ema continues to creep closer to the 253 day average.?
Shorter term time charts are beginning to move into uptrend formations.? Continue to follow the levels for the VIX and the
S & P 500.
Here are the key levels for the markets.
VIX:
Major level - 25.00
Minor level - 23.44
Minor level - 20.31
Major level - 18.75
Minor level - 17.19 *
Minor level - 15.63 *
Minor level - 14.06 *
Major level - 12.50
The VIX gapped down yesterday and sold off all day.
Watch the 14.06 level.? Two closes under that level and the VIX should drop to 12.50.
Short term levels are 14.84, 14.06 and 13.28.
S & P 500 Cash Index:?
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
2,078.12 is the next key level for the S & P 500.? Two closes above that level and the objective is 2,125.
2,062.50 should now be support.
2,085.90 and 2.078.10 are minor levels to the upside.? 2,062.50 and 2,054.70 should be minor support.
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
Minor level - 103.91
Major level - 103.13
The QQQ closed just under the 108.60 level, at 108.46.
Look for 109.38 to be tested.? 107.03 should be support.
Minor levels are 107.81, 107.42 and 107.03.
TLT:?
Major level - 132.81
Minor level - 132.42
Minor level - 132.03
Major level - 131.25
Minor level - 130.46
Minor level - 128.91 *
Major level - 128.13
The TLT is holding above the 128.91 level, which should be support at this point.? If it cannot hold, look for a move to 128.13.
Minor levels are 129.69 and 129.30.
GLD:
Major level - 121.88
Minor level - 121.10
Minor level - 119.53
Major level - 118.75
Minor level - 117.96 *
Minor level - 116.41
Major level - 115.63
The GLD closed at 117.30 yesterday. A close today under 117.96 and the GLD should drop to 115.63.
117.19 is also a short term level.? If the GLD does break under that level, which is only 11 cents away, it will confirm the move lower.
XLE:
Minor level - 69.53
Major level - 68.75
Minor level - 67.96
Minor level - 66.41 *
Major level - 65.63 *
Minor level - 64.84
Minor level - 63.28
Major level - 62.50
The XLE still needs two closes above 66.41, to move up the 68.75.
It closed yesterday at 66.32, just under the 66.41 level.?
Short term support levels are 66.80, 66.02, 65.23.? The Major 65.63 level should continue to offer support.
The XLE just had the 50 ema cross above the 200 ema on it's daily chart, which is bullish.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Objective for Apple should be back to 100.
96.88 and 93.75 should now be short term support.
Watch list:
Bullish Stocks: LLL, ZBH, DHR, CRL, LOW, ALGN, APA, NVDA, DGX, CRL
?
Bearish Stocks:? GS, AMGN, FLT, ANTM, CMI, CVS, CELG, WBA, YUM
?
Be sure to check earnings release dates.
