At 12:00 EST today is our bi-weekly webinar. You should have received separate log in details. I hope to see you later.
The S & P 500 is very close to the objective of 2,062.50 we have been calling for.? In fact, yesterday's high was 2,056.60.? So the market is within six points of the objective.
And yesterday's daily price bar ended with a doji.? A doji can mean indecision.? It can also mean a pause before another bull leg.
Today should be very foretelling in determining if the market wants to pause here and perhaps profit taking comes in.
In fact, based on the cycle work I look at, today is a significant time cycle event.? It does not mean the markets will turn exactly today. But, it tells me to start thinking that a pullback could come.
The VIX can help us to determine if the market will turn. The major objective for the VIX is back to 12.50. And yesterday, the VIX got to within 1.25 points of that level.
So, it is very close to a strong support point.
Also, be aware that I view the prices I share as areas to begin looking for possible turns.
Though a market can stop exactly on a level, that is not usually the case.??
Here are the key levels for the markets.
?
VIX:
Major level - 25.00
Minor level - 23.44
Minor level - 20.31
Major level - 18.75
Minor level - 17.19 *
Minor level - 14.06
Major level - 12.50
The major resistance level should be 18.75 and short term resistance is at 15.63.
14.85 is also a short term level of resistance.? And a close today under 14.85 would help to confirm a move down to 12.50.
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.
?
2,031.30 should be a short term support level, along with 2,046.88.
At this point, watch how the VIX reacts around the 12.50 level.
Nasd 100 (QQQ):?
Major level - 112.50
Minor level - 111.71
Minor level - 110.16
Major level - 109.38
Minor level - 108.60
Minor level - 107.03 *
Major level - 106.25 *
Minor level - 105.46
Minor level - 103.91
Major level - 103.13
The objective should still be to 109.38.
Look for support at the lower levels, namely at 106.25 and 105.
109.38 could offer some resistance.
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 continues to trade right around the 128.13 level.? I am still biased for a move to the upside; however, this is one of those times where you may be better off waiting for either a breakdown or breakout.
To move down, it will need two closes under 127.34.
To move up, it will need two closes above 128.91.
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 closed yesterday at 119.31.? Pre market it is trading under the 118.75 level.
119.53 should be resistance if the GLD opens under 118.75.
Looks like the profit taking is beginning to set in.
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.?
Pre market, the XLE is trading right around the 62.50 level.? This should be a strong support level.? However, if it cannot hold, I would expect that 61.72 would.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple did close above the 106.25 level yesterday, at 106.80.
109.38 should act as resistance now.? 104.69 should be a support level.
Watch list:
Bullish Stocks: LMT, 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.
