The S & P 500 continues to struggle to hold the 2,187.50 level.
After gapping up at the open, the S & P ralllied to a high of 2,193.42 and gave back most of those gains to
close at 2,186.90.
The high for the day was just under the 2,195.30 I mentioned yesterday should be a level that would
be tough to break through on the first attempt.
I know closing .60 under the 2,187.50 may not seem like much, but I remind you that during this tight
consolidation, the market has only managed to close above 2,187.50 one day.
To move up to the next level, I would want to see two daily closes above 2,187.50.
But, this is also a situation where shorting would not be advisable.
The fact that the market has gotten quiet usually ends up being a trap.? A bear trap that is.
And yesterday, the short term 10 minute chart moved into an uptrend.
This means that all short term timeframes I follow, which are the 2 hour, 1 hour and 30 minute charts, in
addition to the 10 minute timeframe, are all in uptrend formations.
This gives the market a bullish bias.
The market also continued it's narrow range trading. The range for the day was only 6.62 points, about
one half the average true range.
The question is when will the market move?
I have a turning point in time projected for September 1st, so we may continue to see this narrow range trading until then.
Continue to follow the VIX for reversals in the markets.
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
The VIX diverged yesterday, closing to the upside along with the markets.
The low for the day landed exactly on the 11.72 minor support level.? The high for the day was 13.02, just .26 under the 13.28 level.
After dropping off 13.02 and stopping at 11.72, the VIX rallied back to close just under 12.50, at 12.38.
12.50 should be resistance.? If the VIX fails there, look for a move down to 11.33, which should act as support.
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
Still fighting to close above 2,187.50.?
Look for minor support at 2,183.60.
2,195.30 should still be resistance, as well as 2,203.12.
Nasd 100 (QQQ):?
Major level - 121.88
Minor level - 120.31
Minor level - 119.53
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
The QQQ hit the 117.58 level I mentioned yesterday.? It closed at 117.56 and hit a high of 118.01.
118.36 should offer some short term resistance. 117.38 should be support.
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 was just short of the 140.63 objective.? The high for the day was 140.59.
139.84 should be a minor support level.
The minor 141.41 level could be difficult to breach on the first attempt.
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
The GLD closed just under 128.13, at 127.76. 128.91 should now be resistance.
To move down to 125, the GLD will need two closes under 127.35.
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 objective should still be to 71.88.
The XLE closed yesterday at 70.09, so expect 69.53 to offer support.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple closed above the 108.20 support level yesterday. It closed at 108.85.
109.38 has been resistance for Apple.? If it can clear that level, it should move up to 112.50.
Watch list:
Bullish Stocks: PCLN, BIIB, NTES, BIDU, FDX, APD, PH, AVGO, AET, UPS, UTX, KSU, FANG, EOG, NSC
Bearish Stocks:? CMG, SBNY, LLY, LPNT, SBUX, AN, LEN, FSLR, SABR, RLGY, SCTY, JBLU
?
Be sure to check earnings release dates.
