The S & P 500 continues it's assault to the 2,125 level, closing yesterday at
2,094.34.? It closed up 13.62 points.
For the past few days I have been mentioning the range contraction the
markets have had and to expect an expansion.? Yesterday's range was
21.01 points, hardly a major expansion,? but it did exceed the average true range,
which is 20.14.
The resistance levels, coupled with the confirming levels can help to determine
if a move should continue.
As you know, the key was the consecutive closes above the 2,078 level.
By knowing this, it can help prevent you from considering adding hedges.
The time will come for that, it is just not now.
It looks like we are getting some decent moves off of earnings.? NFLX,
which reported last night, is down almost 9% as I write this.
IBM is off about 4% and ILMN is down 18%.
?
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 *
Yesterday's low in the VIX was 13.23, just 5 cents under the minor 13.28
support level.
An open under that level and it should act as resistance.
14.06 should also be resistance.
Be aware that the VIX is very close to the major objective, which is 12.50.
?
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
The S & P 500 closed at 2,094.34, which is just above the 2,093.80 resistance level.
This indicates strength and that level should now act as support.
Watch how the S & P reacts around the 2,109 level.? I would expect some
resistance there.
If it can clear that level, the 2,125 will be within reach.
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 and 108.60.? Minor 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 131.25 level continues to act as strong support.? The TLT closes just above
it yesterday at 131.31.
Two closes above 132.03 and the TLT should move up to 134.38.
130.46 should be support.
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 above the 118.75 level pre open.? It should now be support.
Two closes above 119.53 and it should move up to 121.88, which should
be resistance.
Still biased for a move down based on the fast upmove the GLD as made.
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 *
Since finding support at the 62.50 level yesterday, the XLE rallied to close at 64.59.
65.63 should be the objective.
Look for 62.50 to act as support.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple is within reach of the 106.25 level. Watch how it reacts around this level.
It should be support, but wait for it to firm.
Watch list:
Bullish Stocks: GOOGL, AMZN, AYI, BIDU, BDX, MMM, LLL, HD, ACN, HON, ALGN
Bearish Stocks: AGN, PANW, AGU, TSO, DDS, ZBRA, VLO, AKAM, STX, NTAP
Be sure to check earnings release dates.
