September 21, 2016 - MDT Pro Tips A.M.

For the third day in a row, the S & P 500 has closed just under the 2,140.62 level.

No doubt I would have preferred to see two closes above the 2,140 level, but we expected stagnant price action until this afternoon.

At 2:00, the Fed will make their announcement regarding interest rates.

I don't expect much movement until after that.

You should have closed the short $14 call on Pandora yesterday, booking a profit.

I will be looking to roll out the short calls for next week.

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

The VIX closed at 15.92 yesterday, 29 cents above the 15.63 level.

16.41 is the next minor level to the upside and should offer resistance. And expect resistance at 17.19.

Major support is at 12.50.

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

The VIX remains in a downtrend on the daily chart.

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

2,136.70 and 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 2,152.30 and 2,156.30.

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.

The QQQ closed at 117 yesterday. Expect that level to offer support.

117.38 should be minor resistance.

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

The TLT should have a large move today based on the Fed announcement.

133.60 should offer support.? 135.94 should be minor resistance.

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

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

Minor support is at 125.20. Resistance should be at 125.78.

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 the 65.41 to 66.60 area. If the XLE can reclaim the 66.99 level, it should reverse to the upside.
?
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 is still within 30 cents of the 95.31 objective.

95.12 should offer minor resistance.? 94.82 should be minor support.

Apple:

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

Apple crossed into an uptrend on it's daily chart.? At this point, you want to buy oversold setups.

Apple seemed to be holding the 112.50 level, but a great buy would be if it pulled back to the 109.38 level.

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.