Just as it appeared that the VIX would have it's first close above 14.06, after hitting a high of 14.76, it sold off to close at 13.95.
14.06 is the key short term level to watch for the VIX.
For the market to reverse to the downside, it will need to close above that level for two days.? And so far it has not.
As the VIX was pulling back, the S & P 500 dropped to a low of 2,077.52 or within one point of the 2,078.12 support line.
Pre open, the markets are trading to the upside, so look for the lower levels to act as support.? And watch the resistance levels in the VIX.
Tomorrow there is the Fed statement on interest rates at 2:00 EST.? And this week there are quite a few companies announcing earnings that could have an impact on the markets overall.
After the close today, Apple reports and will be widely followed.? CMG also reports this afternoon.
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 *
The VIX failed to hold the 14.06 level yesterday, so I would expect a push down.
Minor support is at 13.28, but a retest of 12.50 seems likely.
12.50 should still be major 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
The S & P 500 will need to reclaim the 2,109.38 level in order to move up to the 2,125 objective.
Support is at the minor 2,078.12 level.
2,062.50 should be major support for the S & P 500.
On a short term basis, 2,089.80 is minor resistance.? If the S & P 500 moves above that level, expect it to act as support.? A close under that level today and it should move back to 2078.
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 QQQ closed yesterday at 108.98, which is a minor support level. Expect it to act as support if the QQQ gets above it.
Objective should be back to a retest of 109.38.? Two closes above 110.16 and the QQQ should move up to 112.50.
TLT:?
Minor level - 132.03 *
Major level - 131.25 *
Minor level - 130.46
Minor level - 128.91
Major level - 128.13
Minor level - 127.35
Minor level - 125.78
Major level - 125.00
The TLT broke under 128.13 yesterday, closing at 127.83.
Two closes under 127.35 and the TLT should drop to 125.
127.34 is a short term support level.? If the TLT closes under 127.34, expect a move back to 125.
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 did not close under 117.96 yesterday, so a bounce would be expected.
118.75 should be resistance.? Support should be at 112.50.
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 *
68.75 should be the objective for the XLE, but it should be a tough level to get through on the first attempt.?
If it does pullback, major support should be at 62.50.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple will need two closes under 104.69 to move to 100.? 106.25 should be resistance.
A retest of 100 is most likely.
Watch list:
Bullish Stocks: LMT, BDX, RTN, LGND, JNJ, EW, CVX, ABMN, BABA, CRL, MDT, ALB, CNI
Bearish Stocks: CMG, BWLD, PRGO, MNST, VRSK, SWKS, LB, FL, AKAM, CAKE, DKS, QRVO
Be sure to check earnings release dates.
