Yesterday essentially ended up closing just about where it opened, which formed a doji bar on the daily chart.
This is not much of a surprise as investors are waiting for the release of the Non Farm Payroll report this morning.
As for a directional bias, it appeared to be sharply down, with the S & P 500 trading under the 2,046.88 level for about half the day.? However, the S & P was able to recapture that level and close above it, at 2,050.63.
In fact, 2,046.88 continued to act as support with the low for the day 2,045.77, or
roughly one point under the support level.
2,046.88 still remains the key level for the S & P 500.? A break under that level paves the way to a move to 2,000.
There is one position that expires today and that is the long calls on MSFT.? As they are out of the money, they will most expire today.
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 - 15.63 *
Minor level - 14.06 *
Major level - 12.50
The VIX closed just above 15.63 yesterday, so look for that level to act as support.
The VIX still has to get through 17.19 and it has been strong resistance.? Minor support at 14.84.
S & P 500 Cash Index:?
Major level - 2,125.00
Minor level - 2,109.38
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
2,062.50 should still act as resistance.? Minor support at 2,046.88.? The S & P still has not been able to close under that level.? A break under 2,046.88 and it should be resistance.
2,054.70 should be a resistance 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
105.08 should now be resistance.? 104.88 is a minor support level.
Target should be to 103.13.
TLT:?
Minor level - 132.03
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
The TLT is almost at the 131.25 objective and should be exceeded today.
128.13 should become support again.
130.47 should be minor resistance.
GLD:
Major level - 125.00
Minor level - 124.22
Minor level - 122.66
Major level - 121.88
Minor level - 121.10
Minor level - 119.53
Major level - 118.75
Minor level - 117.96
121.88 should be support.? Two closes above 122.66 and the objective should be to 125.
Major support should be at 115.63.
Expect another rally before profit taking ensues.
XLE:
Minor level - 69.53
Major level - 68.75
Minor level - 67.96
Minor level - 66.41
Major level - 65.63 *
Minor level - 64.85 *
Minor level - 63.28
Major level - 62.50
Support should be at 64.85.? The XLE is trying to hold the 65.63 level.? To move
lower, it will need two closes under 64.85.
Support should be at 63.28.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Still looking for a higher bounce before Apple sells off.
96.88 should be resistance.? If that does not hold, expect 100 to.
Watch list:
Bullish Stocks: AMZN, LMT, BCR, ULTA, BDX, CLB, RTN, LLL, NOC
?
Bearish Stocks: CMG, AGN, BWLD, AAPL, PRGO, TGT, VRSK, SWKS
?
Be sure to check earnings release dates.
