The market continues to bounce around making little headway.? Though the S & P 500 had almost a 21 point range, the market closed little unchanged.
After opening with a gap to the upside, the market sold off and bottomed at 2,053.13, before rallying to close down .36 points for the day.
The VIX stopped at 14.05 in the morning and rallied to a high of 15.42, just under the 15.63 resistance level, before dropping and closing at 14.53.
Like the S & P 500, the VIX closed to the downside .15 points.
This sets up a divergence, with both closing to the downside.
The last time this happened was last Thursday and the next day, the S & P 500 closed up for the day.? Prior to last Thursday, this anomaly happened on April 15, and the next day the market also closed to the upside.
Admittedly, the market is looking a bit tired here, but the 2,062.50 has proven to be strong support, so I would not expect a breakdown until it can close under the 2,046.88 level.
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 objective for the VIX should now be to a retest of 12.50.
Short term levels are 14.84, 14.45, 14.06 and the 13.28 level.
Watch what level the VIX opens under or above and see if it can break the closest level.
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
Major level of 2,078.12 had to be violated to move higher.
Minor levels are 2,074.20, 2,070.30 and 2,066.40.
The 2,062.50 level should be strong support.
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 QQQ closed at 105.89 yesterday, just under the 106.25 level and above the 105.46 level.
It would need two closes under 105.46 to move lower.
Minor support is at 105.86 and 105.47.
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 pulled back yesterday and closed at 131.01.? To move lower, it will need two closes under 130.46.
Minor support is at 130.08 and 130.47.
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
The GLD closed yesterday at 121.16, just 6 cents above the 121.10 level.
To move lower, the GLD will need two closes under 121.10.? Minor support is at 120.70 and 120.31.
Major support should be at 115.63.
XLE:
Minor level - 69.53
Major level - 68.75
Minor level - 67.96
Minor level - 66.41 *
Major level - 65.63 *
Minor level - 64.84 *
Minor level - 63.28
Major level - 62.50
The XLE closed for the second day above the 65.63 level.?
It will need two closes above 66.41 and the objective should be to 68.75.
65.82 and 64.84 should be support.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple is not getting any bounce at all and closed under 90.63 yesterday.
Most likely move is down to 87 at this point.
It has moved into downtrends on it's shorter term charts.
Watch list:
Bullish Stocks: AMZN, LMT, BCR, STZ, LLL, BDX, RTN, VMC, JNJ, THS
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Bearish Stocks: TSLA, ANTM, SIG, ASML, GILD, RL, AGU, TGT
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Be sure to check earnings release dates.
