September 13, 2016 - MDT Pro Tips A.M.

Yesterday had the anticipated bounce after the massive selling climax on Friday.

The S & P 500 rallied back to close 31.23 points to the upside.? The down to up volume dropped to .16
after the massive 31.69 reading on Friday.

The intra day range yesterday was 44.18 points, which was actually larger than the 36.45 range on the sell off day.

As I write this, the DOW futures are trading about 111 points to the downside and the S & P 500 are down 14.50 points.

The S & P 500 had dropped well below the lower extreme bollinger bands on it's 30 minute and 60 minute charts.

Yesterday's rally brought price back above the lower band.

A retest of the lower band is the usual pattern.? And I suspect that is what we will see today.

The lower band on the 60 minute chart for the S & P 500 is 2,144.81 and 2,143.98 on the 30 minute.

That level should offer strong support.

If the lower band gets taken out, I would expect another down drive.

For the DIA, the lower bands are 181.61 and 181.97 on it's respective 60 and 30 minute charts.

Continue to follow the levels.

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 topped out at 19.12 before moving down to settle at 16.08.

The low was 20 cents above the 15.63 level.

To move higher, the VIX will need two closes above 16.41.

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

2,148.40 and 2,140.60 should be a minor support levels.

A close today above 2,140.62 and the objective is back to 2,187.50.

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

Yesterday's low was just above the minor support is at 113.28.? The low was 113.63, before rallying back to close at 116.33.

115.63 should offer support.? To move higher, the QQQ will need two closes above 116.41.

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 is sitting right on a minor support level, which is 135.16.

134.38 should offer support.? I don't see the TLT dropping under 132.81.

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 objective should be to 125 for the GLD.

125 should still offer strong support.

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

68.75 should still be strong support.

A close today above 69.52 and the XLE should move up to 71.88.

FXY:

Major level: 96.09
Major level: 95.31
Major level: 94.53
Major level: 93.75 **
Major level: 92.97
Major level: 92.19

The FXY closed above 94.53, at 94.88.? A close above 94.72 and the FXY should test 95.31.

Apple:

Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.

Apple had a strong bullish candle yesterday and is inching closer to moving into an uptrend on the daily chart.

103.91 should be support.? If that cannot hold, I would expect 103.13 to hold.

Watch list:

Bullish Stocks: BIDU, BABA, MA, DXCM, OXY, OSK, SLR, TOT, PTC, CCE, FNSR, NLS

Bearish Stocks:? REGN, AAP, CELG, DIS, COL, SRCL, SIG, RHT, ESRX, RCL, DDS, SBUX, WSM, LEN

?Be sure to check earnings release dates.