After hitting our objective of 2,187.50 on Tuesday, the S & P 500 gave back a little yesterday.
The market closed at 2,175.49, down 6.25 points on the day.
And on yesterday's webinar, I mentioned that the VIX should retest the 12.50 level.? As it turned out, the high for the day on the VIX was exactly 12.50.
After hitting 12.50, the VIX moved down to close at 11.82.?
Retailers reporting this morning are moving up. RL is up $8.07 or 8.49% and KSS is trading to the upside just over 10%.
Here are the key levels for the markets.
VIX:
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
After testing 12.50 intraday yesterday, the VIX moved down to close at 11.82, just 10 cents above the 11.72 level.
Watch where the VIX opens today.? If it opens under 11.72, that level should be resistance.
10.94 should offer support.
S & P 500 Cash Index:?
Major level - 2,250.00
Minor level - 2,234.38
Minor level - 2,203.12 *
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
Yesterday's low was 2,172.00, just 10 cents above the support level of 2,171.90.
Expect that level to offer support.
The next upside confirming level is 2,203.12. I would expect resistance at that level.
Nasd 100 (QQQ):?
Major level - 121.88
Minor level - 120.31
Minor level - 117.19
Major level - 118.75 *
Minor level - 117.97
Minor level - 116.41
Major level - 115.63
Minor level - 114.85
Minor level - 113.28
Major level - 112.50
The QQQ closed at 116.62, just 2 cents above the? minor support level at 116.60.
Watch the 117.19 level.? If the QQQ can get above this level, I would expect it to act as support.
Trend remains bullish.
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
Minor level - 136.72
Major level - 134.38
The TLT came within 13 cents of the 140.63 objective.
139.06 should still offer support.
If the TLT clears 140.63, look for that level to act as support.
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 closed back above the 128.13 level. To move higher, it will need two closes above 128.91.
129.69 should offer resistance.
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 at 67.33 yesterday, under the 67.96 level.
The implication is that if the XLE closed under 67.96 today, it would test 65.63 again.
If the XLE gets above 67.96, look for it to act as support.
66.41 should offer support.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
The objective should be to 112.50.? 106.25 should be support.
Continue to look to buy against support.
Watch list:
Bullish Stocks: PCLN, AMZN, ULTA, AVGO, RTN, ZBH, FFIV, CMI, FB, SWK, MON, JACK, CME, GD, ALGN
Bearish Stocks:? GILD, CHKP, WDC, FSLR, HIG, CF, VGR, FLO
?
Be sure to check earnings release dates.
