The S & P 500 continues to struggle to get above the 2,187.50 level.
The high for the day was 2,184.94, before closing at 2,181.30.
The VIX closed at 12.51, just one penny above the major 12.50 level.
At this point, I would expect 11.72 to offer support for the VIX.
With this narrow range trading, profit taking would not be out of the question.
A pullback would be an opportunity to get long.
The S & P 500 should open to the downside this morning.
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
With the VIX closing above 12.50, expect the 11.72 level to offer support.
To move up to 15.63, the VIX will need two closes above 13.28.
13.28 could offer minor resistance at this point, but if the VIX gets above it, expect it to 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
The S & P 500 will need two closes under 2,171.88 to move down to 2,125.
At this point, 2,171.88 should be minor support. If the market gets under this level, then it should offer resistance.
First objective down on a break should be to the 2,156 level.
2,183.60 should be minor resistance.
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 QQQ sold off and closed at 117.23. A close today under 117.97 and the QQQ should drop to 115.63.
117.58 should be minor resistance and 117 minor support.
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 hit the 137.50 level.? To move lower, the TLT will need two closes under 136.72.
Minor support is at 136.72 and minor resistance at 138.28.
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
128.91 is acting as resistance.
126.56 should be minor support.? Minor resistance should be at 128.13.
To move lower, the GLD will need two closes under 127.35.
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
The XLE hit the 71.88 level yesterday, with the high for the day at 71.94.
71.48 should now be minor support.? And 72.66 should offer minor resistance.
FXY:
Major level: 96.09
Major level: 95.31
Major level: 94.53
Major level: 93.75 **
Major level: 92.97
Major level: 92.19
A close today under 94.34 and the FXY should retest 93.75.
93.36 should be minor support.? Expect resistance at 94.53.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple failed to close above 107.81, and sold off and closed at 105.52.
With a close under 106.25, expect that level to offer resistance.
Two closes under 105.47 and Apple should drop to 103.
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
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Be sure to check earnings release dates.
