The markets continued their run yesterday with the S & P 500 closing 20.70 points to the upside.? More importantly, it closed at 2,082.42, the first close over 2,078.12.
If the S & P can close above 2,078.12 today, then the objective should be to 2,125.
The VIX dropped to a low of 13.60 yesterday and is very close to it's major long term support level.
If the VIX continues to drop, it will confirm the move up in the markets.
Here are the key levels for the markets.
VIX:
Major level - 25.00
Minor level - 23.44
Minor level - 20.31
Major level - 18.75 *
Minor level - 17.19
Minor level - 15.63
Minor level - 14.06 *
Major level - 12.50 *
Objective should be to 12.50.? Minor support is at 13.28.
Minor resistance at 14.84.? And major resistance at 15.63.
?
S & P 500 Cash Index:?
Major level - 2,125.00
Minor level - 2,109.38
Minor level - 2,078.12
Major level - 2,062.50 *
Minor level - 2,046.88 *
Minor level - 2,015.62
Major level - 2,000.00
Objective is to 2,125, if the S & P 500 can close above 2,078.12 today.
2,093.80 should be minor resistance.? 2,085.90 should also be a level of resistance.
Support at the 2,070.30 level.
Nasd 100 (QQQ):?
Major level - 112.50
Minor level - 111.71
Minor level - 110.16 *
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
Minor level - 103.91
Major level - 103.13
A close today above 110.16 and the objective should be to 112.50.
Support should be at 109.38.? Minor support is at 110.16 and 110.55.
TLT:?
Major level - 134.38
Minor level - 133.59
Minor level - 132.03 *
Major level - 131.25 *
Minor level - 130.46
Minor level - 128.91
Major level - 128.13
The TLT stopped at the major 131.25 support level, closing just above it.
Two closes above 132.03 and the objective should be to 134.38.
Minor support is at 130.86.
GLD:
Major level - 125.00
Major level - 121.88
Minor level - 121.10
Minor level - 119.53 *
Major level - 118.75
Minor level - 117.96
Minor level - 116.41
Major level - 115.63
Minor level - 114.85
The GLD is right at the 118.75 support level.? To move lower it will need
two closes under 117.96. To move higher, it will need two closes above 119.53.
121.88 should be strong resistance for the GLD.
XLE:
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
Minor level - 61.72 *
Objective should be to 65.63.
Lower levels should act as support, specifically at 63.28 and 62.50.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple is almost a the 112.50 objective.
It is now just under the mid band on the daily chart, which is 113.38.? It will have to clear that level to move higher.
Support should continue to be at lower levels.
Watch list:
Bullish Stocks: AYI, STZ, KMB, BDX, MCD, JNJ, DPZ, VMC, EW, WYNN, ADP, THS
Bearish Stocks: PCLN, CMG, AGN, BWLD, CME, EXPE, DDS, VFC, FL, UAL, AKAM
Be sure to check earnings release dates.
