Yesterday marked the first day that the S & P 500 closed above the 2,187.50 level.
It closed at 2,190.15 for the day.? A close today above 2,187.50 would certainly validate that level has been violated.
This sets up a scenario where if the S & P 500 were to pullback, I would expect a retest at some point of the 2,187 level.
Also, support should be at 2,179.70.
To move up to the next level, which is 2,250, the S & P will need to close above 2,203.10.
And I would expect resistance the first time the S & P 500 attempts a run at the 2,203.10 level.
Having said that, should the market break through it on the first attempt, it would tell us a lot about the strength of this bull market.
Yesterday, both the VIX and the S & P 500 closed to the upside ... again.
This is the second time this has happened in less than a week.
Though it signals a potential reversal, I don't believe it will indicate a trend change.
Here are the key levels for the markets.
VIX:
Minor level - 17.96
Major level - 15.63
Minor level - 14.85
Minor level - 13.28 *
Major level - 12.50 *
Minor level - 11.72 *
Minor level - 10.15
Major level - 9.38
Watch how the VIX reacts around the 11.72 and 12.50 levels.
12.50 should still be resistance.
Minor levels are 12.30 and 11.52.
S & P 500 Cash Index:?
Major level - 2,250.00
Minor level - 2,234.38
Minor level - 2,203.12 *
Major level - 2,187.50 **
Minor level - 2,171.88 *
Minor level - 2,140.62
Major level - 2,125.00
Minor level - 2,109.38
Minor level - 2,078.12
Major level - 2,062.50
To move up to 2,250, the S & P 500 will need two closes above 2,203.12.
Look for support at 2,183.60 to 2,186.
When the VIX reverses to the downside, at a level of support on the S & P 500, that is the signal that the markets should move up.
2,195 should be minor resistance.
Nasd 100 (QQQ):?
Major level - 121.88
Minor level - 120.31
Minor level - 117.19
Major level - 118.75 *
Minor level - 117.97
Minor level - 116.41
Major level - 115.63
Minor level - 114.85
Minor level - 113.28
Major level - 112.50
Objective should be to 118.75.
Minor levels are 117.19 should be a support level. Minor resistance is at 118.36.
TLT:?
Major level - 143.75
Minor level - 142.96
Minor level - 141.41
Major level - 140.63
Minor level - 139.85
Minor level - 138.28 *
Major level - 137.50
Minor level - 136.72
Major level - 134.38
The TLT dropped and closed at 138.76 yesterday.
The TLT has been trading in a consolidation range between 137.50 and the 140.63 level.
Probably will not break until after tomorrow.
Buying against 137.50 makes sense.
GLD:
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
Minor level - 124.22
To move lower, the GLD will need two closes under 127.35.? It closed at 127.84 yesterday.
Support should be at 127.34.? 128.13 should offer resistance.
XLE:
Major level - 71.88
Minor level - 71.10
Minor level - 69.53
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
The XLE closed at 69.25 yesterday.? A close today above 68.75 would mean that level has been violated and the XLE should move higher.
69.92 should be minor resistance and 67.96 should offer minor support.
The 60 minute chart is close to moving into an uptrend.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple continues to tick up to the 112.50 level.
110.16 should offer minor resistance.? 108.60 should offer support.
Watch list:
Bullish Stocks: PCLN, AMZN, ULTA, LMT, AVGO, RTN, IBM, FLT, WAT, GD, LH, CXO, XEC, SLG, EW, ASML
Bearish Stocks:? ATHN, LNKD, GILD, MD, DISH, RDY, WDC, HIG, FSLR, LPNT, CBI
?
Be sure to check earnings release dates.
