November 15, 2016 - Pro Tips A.M.

Total Premium Collected? $1.95

ASNA Long at $14.20
Total Premium Collected $.75

DUST Long $4.50
Total Premium Collected? $.70

FCX Long $12.45
Total Premium Collected? $.24

DYN Long at $12.55
Premium Collected $.48
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Yesterday, the market took a pause after the strong price action from last week.

The S & P 500 was down .25 points on the day and the range was only 15.28 points. After last week?s price action, a rest would be expected before we see another leg up.

This morning, the S & P 500 is trading about 5 points to the upside before the open.

But it appears that the TLT is getting the bounce from its oversold condition and the XLE appears to be getting a pop as well. I will review those levels below, but we have been looking for the reversal in the XLE.

The short term 60 minute chart for the S & P 500 continues to creep closer to an uptrend. I continue to monitor this technical action because I would expect more upside price movement when it does happen.

Continue to monitor the levels for entry points.

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 - 17.96
Minor level - 16.41
Major level - 15.63
Minor level - 14.85
Minor level - 13.28
Major level - 12.50

The VIX closed at 14.54 yesterday.? This is still under the minor 14.85 level which means that 12.50 should be the objective.

Short term, 14.06 is a strong support level and look for 13.28 to offer some support.

$SPX:

Major level - 2,250.00
Minor level - 2,234.38
Minor level - 2,203.12
Major level - 2,187.50
Minor level - 2,171.88
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

The S & P 500 closed at 2,164.20 yesterday and the high for the day was 2,171.36. The high was just under the 2,172 resistance level I mentioned yesterday.

I also mentioned that support should be at 2,156 and the low for the day was 2,156.08.

So, if you just traded off the prices I gave you yesterday intra day, you made money.

Watch these same levels today.

QQQ:?

Major level - 121.88
Minor level - 121.10
Minor level - 119.53
Major level - 118.75
Minor level - 117.97
Minor level - 116.41 *
Major level - 115.63 *
Minor level - 114.84 *
Minor level - 113.28
Major level - 112.50

The QQQ closed at 114.63 yesterday.? To move down to 112.50, the QQQ would need to close under 114.84 today.

Minor support is at 114.06.? And 115.63 could offer minor resistance.

TLT:?

Major level - 134.38
Minor level - 133.60
Minor level - 132.03
Major level - 131.25
Minor level ? 130.46
Minor level ? 128.91
Major level ? 128.13
Major level ? 125.00
Major level ? 121.88 *
Major level ? 118.75

The TLT closed under 121.88 yesterday.? Today is key for the TLT because if the TLT closes under 121.88 today, it could drop to as low as 112.

Having said that, it is oversold in the short term and should open higher.? We know it is oversold because it is under the lower band on the 60 minute chart.

 

GLD: ?

Major level ? 125.00
Minor level - 124.22
Minor level ? 122.66 *
Major level ? 121.88
Minor level ? 121.10
Minor level ? 119.53
Major level ? 118.75
Minor level ? 117.97
Major level ? 115.63

The GLD stopped right at the 115.63 level yesterday.? 119 should be resistance.

114.06 should offer minor support.? Like the TLT, the GLD is oversold short term.?

XLE:

Major level - 75.00
Minor level - 74.22
Minor level - 72.66
Major level - 71.88 *
Minor level - 71.10
Minor level - 69.53 *
Major level - 68.75 *
Minor level - 67.96
Minor level - 66.41
Major level - 65.63

A close today above 69.53 and the XLE should move up to 71.88.

69.14 should offer minor support.? 70.31 could offer minor resistance.

FXY:

Major level: 90.63
Minor level: 90.24
Minor level: 89.45
Major level: 89.06 *
Minor level: 88.67
Minor level: 87.89 *
Major level: 87.50
Minor level: 87.11

The FXY continues to sell off.? It closed at 89.01 yesterday, just under the 89.06 level. To move lower, the FXY will need two closes under 88.67, which should offer support the first time it is approached.

Minor resistance is at 89.26.

AAPL:

Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 10
0, 93.75, and 87.50.

Apple continues to try and hold the 106.25 level.? Apple is oversold short term and a bounce here should be expected.? 103.13 should not be violated.

107.81 could offer minor resistance. ??

WATCH LIST:

Bullish Stocks: PCLN, MLM, GS, GD, BA, CMI, ACN, CVX, JPM, MET

Bearish Stocks:? TSLA, BIDU, CLX, KMB, CTRP, FSLR, JD, G

Be sure to check earnings release dates