The S & P 500 managed to close up 6.50 points yesterday, at 2,186.48.? The high for the day was 2,186.57.
But, once again it failed to close above the key 2,187.50 level.
I know you maybe thinking that it is within one point of the objective.? I would rather see a clear violation of a level, than what we have seen for the past two months.
And this is at a time when the NASD market is making new highs.? We know the NASD has been the stronger market.? The question is will the S & P 500 follow suite.
As for identifying the NASD market as the stronger market, we use a very simple method to do that.
We only have to look at the 60 minute chart for both markets.
The S & P 500 is in a downtrend on it's 60 minute chart, while the NASD Composite, as well as the QQQ, are in uptrends.
I mentioned yesterday that 2,175 should be a support level based on last week's weekly price bar.? Yesterday's low was 2,175.10, so expect this level to continue to offer support.
And 2,187.50 remains as resistance until it is violated.
Continue to follow the levels.
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
The VIX closed at 12.02 yesterday, just under the major 12.50 level.
11.72 is the major level to the downside.? The VIX will need two closes under 11.72 to move down to 9.38.
To move higher, the VIX will need two closes above 13.28.? 13.28 should act as resistance.
13.67 should be minor resistance.
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
The S & P 500 continues to struggle to clear the 2,187.50 level.
As you know, to move up to 2,250, the S & P 500 will need two closes above 2,203.
On the downside, 2,171.88 is the level for a move down to 2,125.? This should act as a support level.
2,183.60 should also be a minor support level, along with 2,175.
Nasd 100 (QQQ):?
Major level - 121.88
Minor level - 120.31
Minor level - 119.53
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 objective for the QQQ should be to 118.75 and the QQQ is within a point of it.
117.97 should offer support.? And expect minor support at 117.19.
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 continues to bounce between the 140.63 and the 137.50 levels.? Yesterday, the TLT bounced up
and closed at 139.64.
Objective should still be to 140.63.
Minor resistance is at 139.84.? Minor support is at 139.26.
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 took out the 128.13 level, closing at 128.71. It should try and test the 131.25 level.
128.13 should be minor support.? Minor resistance should be at 129.69.
XLE:
Major level - 75.00
Minor level - 74.22
Minor level - 72.66
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
A close today above 69.53 and the objective should be to 71.88.
69.53 should be minor support.? Expect minor resistance at 71.09.
FXY:
Major level: 94.53
Major level: 93.75
Major level: 92.97 **
Major level: 92.19
The FXY reversed and closed at 94.70. It could not close under 92.97, which means to expect support now at 93.75.
A close today above 94.72 and it should test the 95.31 level.
Short term support is at 94.34.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple continues to trade just under the 107.81 level.
Two closes above 107.81 and Apple should move up to 112.50.
Apple continues to inch up to an uptrend formation on it's daily chart.? Opportu
nity will exist when that
happens.
Watch list:
Bullish Stocks: NTES, BIDU, DPZ, FB, SWK, PX, ECL, EW, AGU, BABA, DXCM, YUM, WDAY, SINA, ANET
Bearish Stocks:? REGN, BA, ANTM, CELG, GILD, LLY, DDS, BLUE, UA, FOSL, WDR
?
Be sure to check earnings release dates.
