Tomorrow is the release of the non farm payroll at 8:30 AM EST.? Expect excess volatility for the day.
Yesterday, the S & P 500 dropped to a low of 2,161.35, before rallying to close at 2,170.95.
The close was under the downside level of 2,171.88, so if the market closes under that level today, I would expect a move down to 2,125.
The VIX closed at 13.42, which was just above the 13.28 level.? A close above 13.28 today and the VIX should move up to 15.63.
These levels should point us to the move for tomorrow.
If the S & P 500 can recapture the 2,171.88 level today and the VIX closes under 13.28, the bias would be for a move to the upside.
The bearish scenario would be if the S & P 500 closed under 2,171.88 today and VIX closed above 13.28.
Here are the key levels for the markets.
VIX:
Minor level - 17.96
Major level - 15.63 **
Minor level - 14.85
Minor level - 13.28 *
Major level - 12.50 *
Minor level - 11.72
Minor level - 10.15
Major level - 9.38
Minor resistance should be at 14.06.
The 12.50 level should offer support.
Watch the 13.28 level today for confirmation of the next move.
S & P 500 Cash Index:?
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 key today is if the S & P 500 can close above the 2,171.88 level.
2,164.10 should offer support.? And 2,172 is the intra day balance point.
2,168 should also offer some support.
Nasd 100 (QQQ):?
Major level - 121.88
Minor level - 120.31
Minor level - 119.53
Major level - 118.75 *
Minor level - 117.97 *
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.85
Minor level - 113.28
Major level - 112.50
The QQQ managed to close above 116.41 yesterday. It closed at 116.44, just 3 cents above the level.
This would mean that a close above 116.41 today and a retest of 118.75 would be expected.
116.21 should offer minor support.? Resistance should be at 117.
TLT:?
Major level - 143.75
Minor level - 142.96
Minor level - 141.41
Major level - 140.63
Minor level - 139.85
Minor level - 138.28 *
Major level - 137.50
Minor level - 136.72
Major level - 134.38
The TLT managed to close to the upside, at 139.87. This was just two cents above the minor 139.85 level.
Objective should be to 140.63.
Minor support should be at 139.65.? Minor resistance is at 140.23.
GLD:
Major level - 131.25
Minor level - 130.46
Minor level - 128.91 *
Major level - 128.13 *
Minor level - 127.35 *
Minor level - 125.78
Major level - 125.00
Minor level - 124.22
The GLD closed under 125, at 124.78.?
A break under 124.22 and expect the GLD to drop further.
To drop to 121.88, the GLD will need two closes under 124.22.
125.78 should be minor resistance.
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
Minor level - 64.85
At this point, 67.96 should offer support.
The XLE broke under the 68.75 level and closed at 68.51.
67.19 should also be a support level.? 69.14 should be a resistance level.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple is trying to hold the 106.25 level.? It closed 15 cents under it yesterday.
The key short term level is still 105.47.?? A break under 105.47 and Apple heads lower.
Watch list:
Bullish Stocks: NTES, AVGO, XEC, ADBE, KSU, NSC, URI, VMW, AMBA, ADSK, DFS, EGN, CLR, CCE, NCR
Bearish Stocks:? AGN, EXPE, LLY, IAC, TEVA, AN, ALKS, FSLR, CAR, OMI, SCTY
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Be sure to check earnings release dates.
