September 20, 2016 - MDT Pro Tips A.M.

Yesterday was the second consecutive day where the S & P 500 closed just under the 2,140.62 level. The close for the day was 2,139.12.

However, the VIX managed to close under the 15.63 level, at 15.53.

The markets appear set to open to the upside this morning, so I would expect 2,140.62 to act as support.

If this level can hold today and tomorrow, it will pave the way to a retest of 2,187.50.

With the FOMC statement tomorrow, we may see more contraction ahead of the 2:00 announcement.

This statement could result in volatile price action tomorrow.

Also, tomorrow at 12:00 EST will be our webinar. You will receive a separate email with the log in details.

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

Expect resistance at 16.41 and 17.19. Watch how the VIX reacts at these levels.

14.06 to 14.20 should offer minor support.

To move lower, the VIX will need two closes under 14.85.

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

2,132.80 should offer support. If the S & P 500 can get above 2,140.62, look for that level to offer support.

Minor resistance is at 2,148.40

The S & P still needs two closes above 2,140.62 to move up 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 - 114.84
Minor level - 113.28
Major level - 112.50

Objective should still be to 118.75.

116.41 should offer support at this point.

If the QQQ can get above 117.19, expect that level to offer support.

TLT:?

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 *
Minor level - 133.60
Minor level - 132.03
Major level - 131.25

133.98 should be support.? However, if the TLT closed for two days under 133.98, the TLT could move down to 133 in the short term.

134.38 was hit yesterday.? Watch where the TLT open and how it trades around this level.

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 bounced above the 125 level and closed at 125.32.

To move higher, the GLD would need two closes above 125.78.

If the GLD breaks under 125, look for a move down to 122.

The bullish % index for the miners has dropped from 100% in July to currently 50%.

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

A retest of 65.63 should be the next minor move.

Minor support is at 67.19.? A break under 66.80 would confirm a move back to 65.63.

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 came within 25 cents of the 95.31 objective.

94.53 should offer minor resistance.

Apple:

Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 100, 93.75,? and 87.50.

Apple continues to pullback after it's strong run last week. And it continues to inch closer to an uptrend formation on it's daily charts.

A great buy point would be around 109.

Watch list:

Bullish Stocks: AMZN, NTES, FB, CME, BABA, WDAY, BURL, BLUE, R, LVS, PAG, STI, INTC, MGM

Bearish Stocks:? AAP, BA, ANTM, DIS, HAR, SIG, TPX, GRA, ESRX, CTSH, ACHC, WFC, MLNX
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Be sure to check earnings release dates.