October 26, 2016 - MDT 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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The back and forth market action continued yesterday, with the S & P 500 closing down 8.17 points, at 2,143.16.? It gave back all but two points of the gain from Monday.

The high for the day was 2,151.55.? The high was virtually to the tick of the mid band on the 60 minute chart for the S & P 500.? That price level was 2,152 which I previously mentioned should act as resistance, and a level that needs to be cleared for the market to head higher.

The market is set to open about 8 points to the downside.? This would mean an open around 2,135.

With an open under 2,140.62, I would expect that level to act as resistance on a retest. And 2,125 should offer support.

I suspect this type of market action will continue until the election.

There were a few large moves yesterday off earnings.? UA dropped 13.22%.? And WHR sold off 10.78%.

Apple is off almost 4% from their earnings report from last night.

Continue to monitor the levels for entry points.

Here are the Key Levels for the Markets:

$VIX:

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
Minor level - 11.72

Once again, the VIX jumped when it approached the major 12.50 level.? Yesterday?s low was 12.73 before the VIX bounced up to close at 13.46.? Be sure to pull the trigger quickly on any VIX long trades.

With a close today above 13.28, it would indicate a move up to 15.63.

11.72 should be support.? 14.06 could offer minor resistance.

$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

With a break under 2,140.62, a retest of 2,125 is possible. Minor level for today should be 2,132.80.

Minor level is 2,136.70. This should offer support as well.? However, two closes under 2,136.70 and it would confirm the move down to 2,125.

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 could not close above 119.53 yesterday, so it would still need two closes above that level to move higher.

118.75 should now offer support.? Also, 118.36 should be minor support.? 119.41 should offer resistance.

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
Minor level ? 128.91
Major level ? 128.13

Objective is still back to a retest of 134.38.? Minor support should be at 132.81.? Buy against support.

GLD:

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

Yesterday?s high was within 12 cents of the 121.88 level, which should continue to offer resistance.? Objective should be down to 118.75.? If the GLD does take out 121.88, I don?t see it going much farther than 121.88.

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

The XLE is close to the 69.53 support level.? I don?t expect a break under 69.14, but if the XLE does take out 69.14, I would expect it to trade lower.

The XLE is sitting right on the mid band on the 60 minute chart, which is 69.46.

FXY:

Major level: 96.88
Minor level: 96.49
Minor level: 95.70
Major level: 95.31
Minor level: 94.92
Minor level: 94.14
Major level: 93.75 *
Minor level: 93.36
Minor level: 92.58 *
Major level: 92.19
Minor level: 91.80
Minor level: 91.02
Major level: 90.63

The FXY did break under 92.19, but reclaimed that level to close at 92.63.? A close today above 92.58 and the FXY should retest 93.75 which should be resistance.

AAPL:

Major levels for Apple are 118.75, 115.63, 112
.50, 106.25, 100, 93.75, and 87.50.

Apple reported and is down almost $4 pre open.? 114.84 is a short term support level.? If Apple closes under that level, I would expect a move back to 112.50.

WATCH LIST:

Bullish Stocks: GOOGL, NTES, GS, CXO, BA, MA, FANG, SWKS, MSFT, AKAM

Bearish Stocks:? REGN, KMB, CLX, TSCO, CTSH, WTR, RH, CREE

Be sure to check earnings release dates.