Total Premium Collected? $1.95
ASNA Long at $14.20
Total Premium Collected $.75
DUST Long $4.50
Total Premium Collected? $.70
FCX Long $12.45
Total Premium Collected? $.24
DYN Long at $12.55
Premium Collected $.48
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Friday marked the 9th consecutive lower close for the S & P 500. A bounce from the oversold condition should be expected and it finally appears we are getting it.
Pre open, the S & P 500 is trading almost 29 points to the upside.
The big news this week, of course, is the election here in the States tomorrow. This has shaped up to create enormous uncertainly as shown in the VIX.? The VIX has almost doubled off the last major bottom, which happened to be 12.73 or 23 cents above the major 12.50 support line.
Since that bottom on October 25th, the VIX has almost doubled.? Friday it closed at 22.51.
So, does this mean that the sell off is over if we get a decent rally today?
I don?t think so.? And I say that for a few reasons.? The first is that the downside objective for the S & P 500 is to 2,062.
The second reason is because there has not been a selling climax during this downmove. And usually the market does not turn up until there is one.
The final scenario is that the S & P 500 had broken under the lower band on it?s 60 minute chart.? That price level is 2,092.75.? This suggests a retest of the lower band before it heads higher.
Continue to monitor the levels for entry points.
Here are the Key Levels for the Markets:
$VIX:
Major level - 25.00
Minor level ? 24.22
Minor level ? 22.66 *
Major level ? 21.88 *
Minor level ? 21.10
Minor level ? 19.53
Major level - 18.75
Minor level - 17.96
Minor level - 16.41
Major level - 15.63
Minor level - 14.85
Minor level - 13.28
Major level - 12.50
The VIX closed just above the 21.88 level, at 22.51. To move up to 25, the VIX will need two closes above 22.66.? Minor resistance is at 23.44.
Short term support should be at 20.31.
$SPX:
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
2,062.50 should still be the active objective.? 2,109 should be minor resistance at this point. ?
On the downside, 2,078 should offer minor support.? A break under 2,078 will confirm the move down to 2,062.
QQQ:?
Major level - 121.88
Minor level - 121.10
Minor level - 119.53
Major level - 118.75
Minor level - 117.97
Minor level - 116.41
Major level - 115.63
Minor level - 114.84 *
Minor level - 113.28
Major level - 112.50
The objective for the QQQ should be to 112.50.? 113.28 should offer minor support.
114.84 should offer minor resistance, as well as the 115.63 level.
TLT:?
Major level - 137.50
Minor level - 136.72
Minor level - 135.16
Major level - 134.38
Minor level - 133.60
Minor level - 132.03 *
Major level - 131.25 *
Minor level ? 130.46 *
Minor level ? 128.91
Major level ? 128.13
131.25 is holding as support for the TLT. Two closes above 132.03 and the objective should be back to 134.38.
Support should be at 130.46.
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 ? 117.97
The GLD is flirting with the 125 level.? 125 should offer resistance.? Minor resistance is at 124.61 and minor support is at 123.44.
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
A move back to 65.63 is possible, however, 67.19 should offer strong support.? If it can hold at this level, it should try and test 68.75.
67.58 should be minor support. ?And 69.53 should offer resistance.
FXY:
Major level: 96.88
Minor level: 96.49
Minor level: 95.70
Major level: 95.31
Minor level: 94.92
Minor level: 94.14
Major level: 93.75 *
Minor level: 93.36
Minor level: 92.58 *
Major level: 92.19
Minor level: 91.80
Minor level: 91.02
Major level: 90.63
The FXY is sitting right at the 93.75 level, hitting a high of 93
.83 on Friday.? This level should offer resistance, so if it is violated, expect higher highs.? 92.97 should offer support.
AAPL:
Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 100, 93.75, and 87.50.
Apple closed at 108.84, or about 1.50 points above 112.50.? 112.50 should offer strong support.? Apple has moved into a downtrend on it?s short term chart, so I do expect another pullback.
WATCH LIST:
Bullish Stocks: FDX, ACN, CXV, DRI, AGO, STLD, DRI, BHI ?
Bearish Stocks:? REGN, TSLA, AGN, PANW, COST, ANTM, CLX, JAZZ, ATHN
Be sure to check earnings release dates
