November 21, 2019 - MDT Pro Tips A.M.

GOGO Long at $19.93
Total Premium Collected $1.95

ASNA Long at $14.20
Total Premium Collected $0.75

DUST Long $4.50
Total Premium Collected $0.70

RRC Long at $11.85
Total Premium Collected $0.70

RRC Long at $9.20

RIG Long at $8.81
Premium Collected - $1.45

FEYE Long at $17.18
Total Premium Collected $0.80

FDX Long Nov 22nd- $157.50 Call at $1.25
FDX Short Nov 22nd - $160 Call at $0.55

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Yesterday the S & P 500 experienced some profit-taking. For the day, the S & P 500 closed 11.84 points to the downside.

The day closed out at 3,108.34.

Yesterday's day went to 3,118.97, which was about 2 points below the lower end of yesterday's resistance level.

And the daily range was 27.56 points. This was the first day since October 3rd that exceeded the daily average true range.

The average true range in now 21.37 points, so yesterday's range actually was 129% of the average.

And the day closed out at 61% of the daily bar. With a close above the midpoint, the odds now favor a reversal of this pullback.

The support level from yesterday's daily price bar is in the 3,105 area. And resistance is in the 3,112 area.

Watch to see how the market reacts at these levels.

At this point, the sentiment indicators are all overbought. But, the short term charts still remain bullish, which tells us that we should see another rally.

For a serious pullback to happen, I would at least expect the 10 minute chart to cross into a downtrend. And at this point, it is still bullish, along with the 30 and 60 minute charts.

Pre open, the S & P is trading about 4 points higher. This would project to an open around 3,112 or right around the upper end of the resistance level from the daily bar.

If the S & P can move above 3,112, look for support at this level. On a pullback, look for support around 3,105.

The support from last week's weekly price bar, which is in the 3,098 to 3,100 area should still be valid support.

JWN and ROST report this afternoon after the close.

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: 17.97
Minor level: 16.41
Major level: 15.63
Minor level: 14.85
Minor level: 13.28
Major level: 12.50 <
Minor level: 11.72
Minor level: 10.16
Major level: 9.38

The VIX closed out at 12.84 yesterday. The VIX continues to trade around the 12.50 level. Even though the VIX is oversold, it has not moved up to above the next minor level, which is 13.28.

At this point, 12.50 should be support. And watch the 13.28 level on the upside.

If it can close above this level, it should continue higher.

11.72 is a support level on the downside. If the VIX breaks under it, I would expect a test of 9.38.

SPX:

Minor level: 3,164.08
Major level: 3,125.00 <
Minor level: 3,085.95 ***
Minor level: 3,007.85
Major level: 2,968.80
Minor level: 2,929.73
Minor level: 2,851.58
Major level: 2,812.50
Minor level: 2,773.45
Minor level: 2,695.35
Major level: 2,656.30

The S & P closed at 3,108.34. With a close under 3,125, look for resistance at that level. And for the S & P to move higher, it would need to clear the major 3,125 level.

The 3,105 area should offer support on the downside. And on the upside, 3,115 should be a minor resistance level.

Technical support is around 3,107.

QQQ:

Minor level: 203.91
Major level: 203.13 HIT
Minor level: 202.35
Minor level: 200.78
Major level: 200.00
Minor level: 199.22
Minor level: 197.77
Major level: 196.88
Minor level: 196.10
Minor level: 194.53
Major level: 193.75

The QQQ closed at 202.15. I do expect another run up to 203.13. And the QQQ would need to close above 202.35 to move higher.

The next minor level on the upside is 203.91. And on the downside, it is 202.35.

Technical support should be around the 202 area. If the QQQ can open above this level, look for support at this price.

IWM:

Major level: 162.50 <
Minor level: 160.94
Minor level: 157.81 **
Major level: 156.25
Minor level: 154.69
Minor level: 151.56
Major level: 150.00
Minor level: 148.44
Minor level: 145.31
Major level: 143.75

The IWM closed at 158.51. The target for the IWM should still be to the 162.50. Still lagging the SPX and the QQQ.

The low for the day was under the 157.81 level. The low for the day went to 157.26 before recovering to close above it.

If the IWM can close above 157.81 today, it would confirm the move up to 162.50.

159.38 is a minor resistance level. The IWM needs to clear this level to move higher.

Technical support is around 158.65. If the IWM can move above it, I would then expect it to act as support.

TLT:

Major level: 143.75
Minor level: 142.97
Minor level: 141.41
Major level: 140.63 <
Minor level: 139.85
Minor level: 138.28
Major level: 137.50
Minor level: 135.84
Minor level: 132.81
Major level: 131.25

The TLT closed at 140.60. I would consider the 140.63 level to be hit.

The next minor level is 141.41. Two closes above this level and the TLT should continue higher.

Short term charts are moving into uptrends.

And the 139 to 140 area should still offer technical support.

GLD:

Major level: 143.75
Minor level: 142.97
Minor level: 141.41
Major level: 140.63
Minor level: 139.85
Minor level: 138.28 **
Major level: 137.50 <
Minor level: 136.72
Minor level: 135.16
Major level: 134.38

The GLD closed at 138.76. The target should be up to 140.63. And yesterday's high went to 139 or 1.63 points under the objective.

The key level is 134.38 on the downside. If the GLD has two closes under this level, it could drop to 125.

Short term, there is technical resistance at 140. And technical support is around 136.

XLE:

Minor level: 63.28
Major level: 62.50
Minor level: 61.72
Minor level: 60.16
Major level: 59.38
Minor level: 58.60 **
Minor level: 57.03
Major level: 56.25
Minor level: 55.86
Minor level: 55.08
Major level: 54.69

The XLE closed at 59.06. With the XLE reclaiming the minor 58.60 level, I would expect a test of 59.38.

If the XLE can clear 58.60, it should head higher.

This was the first close under 58.60 which implies that if the XLE can close under 58.60 today, it should drop to 56.25.

From a technical standpoint, support is at 58.70. And resistance is at 59.70. Watch for a break under or above this area.

AAPL:

Major level: 281.25
Minor level: 277.35
Minor level: 269.54
Major level: 265.63 HIT!
Minor level: 261.72
Minor level: 253.91
Major level: 250.00
Minor level: 246.88
Minor level: 240.63
Major level: 237.50

Apple closed at 263.19. Apple sold off under the upper band, but it is still above the minor 261.72 level.

It would need two closes under 261.72 to move to 250.

Watch the upper band on a rally. The upper band is now 268.19 and should now be resistance until it is cleared.

Technical support should be in the 260 area.

WATCH LIST:

Bullish Stocks: GOOGL, CHTR, LMT, HUM, SPY, COST, ADBE, AMGN, VRTX, QQQ, OLED, FB, GD, V, KLAC, ADP, DECK, ROKU

Bearish Stocks: AAP, ADS, TAP, IRBT, NUS, OXY, GOOS, NTGR, EBIX

Be sure to check earnings release dates.