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
..........................................................................................
The S & P 500 is now back within seven points of the major 2,187.50 resistance level. Not that we did not have that as an objective, because it has been on our radar for a while now.
The question is this ? do we break through it this time?
As you know, this is the level that the market failed at back in August and again in September.
We know this is a very significant price level.
If we look at the shorter term 60 minute chart, it is very close to crossing into an uptrend. If that can happen, I believe it will propel the market to above 2,187.50.
If the S & P can take out 2,187.50, it sets the stage for a move to 2,250.
The negative for the market is that once again the VIX is down to long term support. It closed yesterday at 13.37, just above the major 12.50 support level.
A bounce in the VIX here would not be a surprise.? And with the markets trading to the downside pre open this morning, we should see that bounce.
Expect the market to reverse to the upside when the VIX heads down.
Continue to monitor the levels for entry points.
Here are the Key Levels for the Markets:
$VIX:
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 at 13.37 yesterday.? 12.50 should still be the objective.
Watch how the VIX reacts around the 14.06 level.? An open above it should offer support and an open below, expect it to act as resistance.
$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
Watch the 2,172 level today. Based on where the futures are trading as I write this, the S & P 500 should open right around this level. It will either offer support or resistance depending upon how the market trades.
If the market breaks under 2,172, look for support at 2,156.
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 QQQ closed back above 115.63, at 116.22. The minor level is 116.41 and the QQQ will need two closes above that level to move up to 118.75.
115.63 should now offer support.? If that level does not hold, look for 115.23 to.
TLT:?
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
Major level ? 125.00
Major level ? 121.88 *
Major level ? 118.75
?The TLT closed above 121.88 yesterday, at 121.91.? The implication now is if the TLT closes above 121.88 today, it should move up to 128.13.
The TLT is working off an oversold condition.
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
Minor level -? 116.41
Major level ? 115.63
Like the TLT, the GLD is working off a short term oversold condition. The GLD will need to close above 116.41 to move up to 118.75.
117.19 is a minor resistance level.? If the GLD can get above it, look for it to act as support.
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
The XLE came within 2 cents of the 71.88 objective.? 71.09 should offer minor support.
If that cannot hold, look for 70.70 to gold.
FXY:
Major level: 90.63
Minor level: 90.24
Minor level: 89.45
Major level: 89.06 *
Minor level: 88.67
Minor level: 87.89 *
Major level: 87.50
Minor level: 87.11
If the FXY closes under the minor 88.67 today, look for a move down to 87.? Resistance should be at 89.06.
Short term the FX
Y is oversold as it is trading under the lower extreme band on the 60 minute chart.? Shorting continues to be the best strategy, however a bounce would be expected.
AAPL:
Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 100, 93.75, and 87.50.
Apple got back above the 106.25 support level, closing just above it, at 106.33. If Apple can continue to hold this level, a buy could be setting up.? Not quite ready to move up, but we should know in a day or two.
WATCH LIST:
Bullish Stocks: PCLN, MLM, GS, GD, BA, CMI, ACN, CVX, JPM, MET
Bearish Stocks:? TSLA, BIDU, CLX, KMB, CTRP, FSLR, JD, G
Be sure to check earnings release dates
