The markets are all down pre open based on the news of an attack out of Belgium. The S & P 500 is off 7.50 points.
The VIX closed yesterday at 13.79, just 1.29 off the 12.50 objective.
The VIX should pop up this morning based on this news.? Resistance on the VIX
should be at either 14.84 or 15.63.? Watch how the VIX reacts around these levels.
Also, 18.75 should be a major level of resistance for the VIX.
For the S & P 500, major support should be at 2,000.? Minor support around 2,031.
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Here are the key levels for the markets.
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VIX:
Major level - 25.00
Minor level - 23.44
Minor level - 21.88
Minor level - 20.31
Major level - 18.75
Minor level - 17.19 *
Minor level - 14.06
Major level - 12.50
The VIX should bounce this morning. But, I still would expect the higher levels to act as resistance.
The major resistance level should be 18.75.? Minor levels were mentioned above.
The objective is still down to 12.50.
S & P 500 Cash Index:?
Minor level - 2,078.12
Major level - 2,062.50 **
Minor level - 2,046.88
Minor level - 2,015.62 *
Major level - 2,000.00
Minor level - 1,984.38
Minor level - 1,953.12
Major level - 1,937.50
Minor level - 1,921.88
2,062.50 is still the active objective.
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The S & P should open around the 2,046.88 level.? If the S & P breaks under this level, it should act as resistance.
Watch how the market reacts around the 2,046 level.
Nasd 100 (QQQ):?
Major level - 112.50
Minor level - 111.71
Minor level - 107.03 *
Major level - 106.25 *
Minor level - 105.46
Minor level - 103.91
Major level - 103.13
Minor level - 102.35
Minor level - 100.78
Major level - 100.00
The objective should still be to 112.50.
Look for support at the lower levels, namely at 106.25 and 105.
The QQQ closed again above the 107.03 level.? Watch where the QQQ opens in
relationship to this level.
TLT:?
Minor level - 132.03
Major level - 131.25
Minor level - 130.46
Minor level - 128.91*
Major level - 128.13 *
Minor level - 127.34
Minor level - 125.78
Major level - 125.00
The TLT should open higher this morning.? It did close at 128.07 yesterday, or under the 128.13 level.
It appears that the TLT should open above the 128.13 level, so I would expect that level to act as support.
For the TLT to fail and head down, it will need two closes under 127.34.
Lower levels should still act as support.
GLD:
Major level - 125.00
Major level - 121.88 *
Minor level - 121.10 *
Minor level - 119.53 *
Major level - 118.75
Minor level - 117.96
Minor level - 116.41
Major level - 115.63
The GLD did retest the 118.75 level yesterday, hitting a low of 118.73, before closing at 118.96.
The GLD should open higher this morning because of the news.? It appears that it will open above the 119.53 level.? Two closes above that level and the GLD should try and test 121.88.
121.88 should be a strong resistance level, at this point.
XLE:
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 objective for the XLE should be to 65.63.? I would expect lower levels to act as support.?
The XLE should open just above the 62.50 level this morning.? Watch how the XLE trades around this level, as it should be support.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple hit a high of 107.65 yesterday, before selling off and closing at 105.91.
106.25 should act as resistance now.? If it closes under 104.68 for two days, it would be time to nibble on some shorts.
Watch list:
Bullish Stocks: SPG, FRT, KMB, CB, HON, FB, FXE, UPS, ITW, PSX, EL
Bearish Stocks: REGN, LLY, JACK, VRX, RH, TEVA, ALR, ANAC, RMD
Be sure to check earnings release dates.
