The S & P 500 did close above 2,078.12 yesterday.? It closed at 2,082.78.? This was the second day closing over that level.? At this point, the upside objective should be to 2,125.
Having said that, the daily action was a narrow range doji bar, with a range of 9.71 points.
This was less than one half of the average true range, which was 21.08.
On the day, the S & P closed around it's open.
Expect a range expansion today after the contraction yesterday.? Also, watch the VIX for a directional bias.
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.
Same levels as yesterday.? The VIX is very close to long term support.
?
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
Current objective is now to 2,125.? However, the 2,093.80 should be strong resistance.? If the market can get through that level, expect a continuation of the move.
2,078.10 and 2,062.50 should also be a level of resistance.
The 2,070.30 level should also be minor support.
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
The objective should be to 112.50, with a close yesterday of 110.92.
Resistance should be at 111.72.? Support at 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 closed under the 131.25 level yesterday, at 130.76.
Two closes above 132.03 and the objective should be to 134.38.
130.47 should be a key short term support level.? If it cannot hold, look for a move back to 128.
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
A close today under 117.96 and the objective should be to 115.63.
115.63 should be strong support.?
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 and the XLE is within a point of it.
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 at the 112.50 objective.? It hit a high of 112.39 yesterday.
Apple is right up against the mid band on the daily chart.? Watch how it reacts around this level.
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.
