The S & P 500 closed to the upside 3.91 points yesterday at 2,091.70.? The market seems to be waiting for the Fed announcement today and the many companies reporting this week.
The VIX closed back under 14.06 yesterday, at 13.96.
I suspect trading will be quiet until after some clarity today from the Fed.? Having said that, Apple is trading down just over 8% off their earnings.?
14.06 is still the key short term level to watch for the VIX.? It will need two closes above 14.06 in order to move higher.? Until then, expect it to bounce around and consolidate at it's lows.
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 14.06 level should still act as resistance for the VIX.? It will need to get above that level for the VIX to move up.
Minor support is at 13.28, and major support at 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 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.
The S & P 500 did get above the 2,089.80 minor resistance level, so it should act as support.? 2,085.90 is also a minor support 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
The QQQ should no doubt drop today based on the Apple earnings.? 107.81 should be a support level.
A close today under 108.60 and the QQQ should drop to 106.25.
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 objective for the TLT should be back to 125.
Higher levels should be resistance.? Having said that, the TLT could move big today based on the Fed announcement.
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 just under the 118.75 resistance level.? To move down, the GLD will need two closes under 117.96. To move up, two closes above 119.53.
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 *
The XLE is grinding up to the 68.75 objective for the XLE.?
Lower levels should act as support.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple is down over $8 off their earnings pre open. It is currently trading under the $100 level.?
$93.75 should be major support for Apple.? If it does close under that level, a move down to $75 could be in the making.
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.
