The S & P 500 had another narrow range day yesterday. The range was only 6.57 points, compared to an average true range of 13.38.
The high for the day was 2,187.03 or within 50 cents of the 2,187.50 level.
Once again, the market could not close above that level.
Pre market, the S & P 500 is selling off and should open to the downside.
The 2,187.50 should act as resistance on a lower open.
The VIX closed back under 11.72 yesterday, closing at 11.43.
The 12.50 level should offer resistance.
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
On the downside, minor support should still be at 11.33.
The major 12.50 level should offer resistance.
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
The S & P 500 has struggled to close above the 2,187.50 level for two days.? Watch how the market reacts around that level.
Minor support should be at 2,179.70.
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
117.97 should offer resistance.? And 115.63 should offer support.
117 is a minor level.? If the QQQ drops under that level, look for a move down to 116.41.
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 should retest the 140.63 level.
139.06 should still be a minor support level.
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
Watch how the GLD reacts at the 127.35 level.
Two closes under that level and the objective should be to 125.
Also, on a lower open, look for the 128.13 level to offer resistance.
XLE:
Major level - 75.00
Minor level - 74.22
Minor level - 72.66
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
The XLE closed at 71 yesterday, just 20 cents under the minor 71.10 level.
70.31 should be a minor support level.
69.14 should be minor support.
The 60 minute chart has moved into an uptrend, so expect further movement to the upside.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple is struggling to get above the 109.38 level.
Objective is still to 112.50.
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
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Be sure to check earnings release dates.
