September 19, 2017 - MDT Pro Tips A.M.

While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.

CURRENT POSITIONS:

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

DYN Long at $12.55
Premium Collected $0.48

APA Long Oct $47.50 Call at $3.45

SNAP Long at $15.20

DIN Long December $40 call at $2.40
DIN Short December $45 call at $1.15

PANW Long Oct $145 Call at $2.44

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After hitting our 2,500 objective on Friday, the S & P 500 followed through and closed above that level.

The market closed at 2,503.96, up 3.73 points for the day. The S & P 500 hit a high of 2,508.32.

As I mentioned yesterday, the next key for the market is the 2,509.78 level and the S & P 500 got to within 1.50 points of that level before moving lower.

With all short term charts in uptrends, the bias still remains to the upside. If the market does pullback, short term support is around 2,493.

And we still have the support area in the 2,484 to 2,487 range, from last week's weekly price bar.

Tomorrow we hear from the Fed regarding interest rates. The announcement will come at 2:00 EST.

Tomorrow is our webinar. If you have any questions you would like me to address, be sure to email me directly.

Pre open, the market is set to open slightly higher.

Continue to follow the resistance levels.

Here are the Key Levels for the Markets:

$VIX:

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 <
Minor level: 8.60
Minor level: 7.03
Major level: 6.25

The VIX closed at 10.15, down .02 for the day. The objective should be back to a retest of 9.38.

A minor level is at 10.16 and with the VIX closing one penny under it, it should offer resistance. If it is violated, 10.55 should offer resistance.

A minor support level is at 9.77.

$SPX:

Major level: 2,539.10
Minor level: 2,529.33
Minor level: 2,509.78 **
Major level: 2,500.00 < Hit!
Minor level: 2,492.20
Minor level: 2,476.00
Major level: 2,468.80
Minor level: 2,460.98
Minor level: 2,445.33
Major level: 2,437.50

2,509.78 is the next upside level. Two closes above 2,509.78 and the objective should be to 2,539.

2,500 should still offer support.

Minor support should be at 2,502.45. On the upside, 2,519.50 could offer resistance.

QQQ:

Major level: 150.00
Minor level: 148.44
Minor level: 145.31 ***
Major level: 143.75 <
Minor level: 142.18
Minor level: 139.06
Major level: 137.50
Minor level: 135.94
Minor level: 132.81

The QQQ closed at 145.55. 150 should still be the active objective.

Minor support is at 145.51 & 145.31. A close today above 145.70 would be bullish.

IWM:

Minor level: 144.53
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: 135.15
Major level: 134.37

The IWM closed at 143.38. The IWM did hit the 143.75 objective. The high for the day was 143.81.

At this point, 142.19 should offer support. And clearing the 143.75 level should tell us the IWM will go higher. A failure to clear 143.75 and the IWM could bounce for a while.

TLT:

Major level: 131.25
Major level: 130.47
Minor level: 128.91
Major level: 128.13
Minor level: 127.35
Minor level: 125.78 <
Major level: 125.00

The TLT closed at 126.13. A close today under 127.35 and the objective is to 125.

125.78 is minor support. For the TLT to head lower, it needs to break under 125.78.

GLD:

Major level: 131.25
Minor level: 130.47
Minor level: 128.91
Major level: 128.13
Minor level: 127.35
Minor level: 125.78 **
Major level: 125.00 <
Minor level: 124.22 **
Minor level: 122.66
Major level: 121.88
Minor level: 120.32

The GLD closed at 124.36, 14 cents above the 124.22 level. Two closes under 124.22 and the GLD should drop to 121.88.

121.88 is the major level under the market. If the GLD holds above 121.88 it should head back up. If not, if could drop to 112.

XLE:

Major level: 68.76
Minor level: 67.97
Minor level: 66.41 **
Major level: 65.63 <
Minor level: 64.85
Minor level: 63.28
Major level: 62.50
Minor level: 61.72
Minor level: 60.16
Major level: 59.38

The XLE closed at 66.12. The XLE still needs two closes above 66.41 to move up to 68.76.

Support should now be at 65.63. 67.96 is resistance.

The short term 60 minute chart has turned bullish. Short term momentum is to the upside.

FXY:

Major level: 89.06
Minor level: 88.67
Minor level: 87.89
Major level: 87.50
Minor level: 87.11 **
Minor level: 86.33
Major level: 85.94 <
Minor level: 85.55
Minor level: 84.77
Major level: 84.38

The FXY closed at 86.21. The FXY came within 21 cents of the 85.94 objective.

85.94 is a major level. If the FXY closes for two days under 85.94, it could drop to 81.

85.16 is minor support.

AAPL:

Major levels for Apple are 165.63, 162.50, 159.38, 156.25, 153.13, and 150.

Apple continues to bounce around, closing at 158.67.

Minor support should be at 157.81. I would not expect Apple to break under 157.81.

WATCH LIST:

Bullish Stocks: TSLA, BIDU, FDX, MMM, AMGN, SPZ, ALGN, LLL, RTN, NVDA, COST, CMI, SWK, ALXN, CME, CAT, RCL, UNP

Bearish Stocks: SBNY, PZZA, UBNT, DISH, MDLZ, MNK, RDUS, MDCO

Be sure to check earnings release dates.