If you did not have a chance to attend yesterday's webinar, be sure to watch the replay in the members area.
During the webinar, I reviewed a technical set up that oftentimes leads to a pivot low being formed on the daily charts.
Yesterday was the second close above 2,140.62, when the S & P closed at 2,156.45.? The active objective now becomes 2,187.70.
The S & P did take out the 2,156.30 level.? The high for the day was 2,156.45.
Admittedly, it did not breach it by much, but it did exceed it by 15 cents.
With the short term charts for the markets in uptrends, buying on the next pullback is the strategy.
If the VIX does bounce off the 12.50 level, I would expect some profit taking to come in.
Here are the key levels for the markets.
VIX:
Minor level - 19.53
Major level - 18.75
Minor level - 17.96
Major level - 15.63
Minor level - 14.85
Minor level - 13.28 *
Major level - 12.50 *
Minor level - 11.72
Minor level - 10.15
Major level - 9.38
14.06 should be a minor support level. Watch the VIX at the major 12.50 level.
S & P 500 Cash Index:?
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
Minor level - 2,046.88
Minor level - 2,015.62
Major level - 2,000.00
Objective should be to 2,187.50.? Lower levels should act as support.
Nasd 100 (QQQ):?
Major level - 115.63
Major level - 112.50
Minor level - 111.72 *
Minor level - 110.16 *
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
111.72 is the level to watch on the QQQ. Yesterday's high took it out by 10 cents, before pulling back.
The 60 minute chart is very close to moving into an uptrend.? When it crosses to the upside, it will be in alignment with the S & P 500.
Look for support at 110.94.
TLT:?
Major level - 143.75 **
Minor level - 142.96
Minor level - 141.41
Major level - 140.63
Minor level - 139.85
Minor level - 138.28
Major level - 137.50 *
The TLT popped back up and closed at 141.65 yesterday.
It is back to just above the upper band on the daily chart.
Remember, when the upper band is exceeded, it will usually get retested again.
Minor resistance is at 142.19.? 143.75 still remains as a major resistance level.
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
The GLD popped up and closed just above the 128.13 level.? It closed at 128.32.
Like the TLT, the 131.25 level remains strong resistance.
Bullish % interest for the gold miner sector still reads 100%.
XLE:
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
Minor level - 64.85
Minor level - 63.28
Major level - 62.50
The XLE closed above the 68.75 level, which should be support.
It needs two closes above 69.53 to move to 71.88.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
The upside objective should still be back to 100.
But, watch the 98.44 level.? If it fails at that level, it could drop quickly.? Short term charts still remain in downtrends.
Watch list:
Bullish Stocks: LMT, ULTA, BCR, MMM, BDX, COST, WAT, RTN, CASY, UPS, CTAS, CME, COR, VRSK
?
Bearish Stocks:? HUM, FLT, BWLD, JAZZ, MA, ACHC, AGU, HIG, MET, VRNT, SF
?Be sure to check earnings release dates.
