All eyes will be on the speech today by Janet Yellen which is slated to begin at 10:00 EST.
Perhaps there will be some clarity on raising short term interest rates; however, I don't think so.
As for the markets, it certainly explains the narrow range trading we have seen of late.
The S & P 500 has traded to the downside the last two days, while the VIX has traded to the upside.
The VIX has had two closes above 13.28, which would indicate that it should move up to 15.63.
However, the S & P 500 has not closed under 2,171.88 during this pullback.
In fact, the low on Wednesday was 2,171.25 and yesterday was 2,169.74, before the market recovered to close at 2,172.47.
Support should be at 2,171.88, so this should be the level to watch closely.
For the market to move down, you would expect a close under that level.
The only open position that expires today are the short $18 calls on ETE.? If an adjustment is required, you will receive a separate email.
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 hit a high of 14.09 yesterday, before pulling back. This was just 3 cents above the? 14.06 level.
The upside objective should be to 15.63.
Minor support should be at 12.89 and 12.50. Minor resistance at 14.06 and 13.67.
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
2,171.88 is the crucial level to watch today. Should the S & P 500 close for two days under that level, the downside objective would be 2,125.
Minor levels for today include 2,175.80 and 2,168.
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 closed at 116.61 yesterday.? This was the second close under 117.97, so the objective should be to 115.63.
Support came in at 116.41, with yesterday's low of 116.36.
Short term support should be at 116.02 and 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 objective should be to a retest 137.50.
Minor support is at 139.06 and 138.67.
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 should retest the 125 level.
Minor support is at 125.78 and if it is violated, expect 125 to be hit.
Upside, resistance is at the 127 area.
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 up to 71.88.
Minor support should be at 69.53 and 69.34. The XLE should drop no more that 69.14.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple closed just under the 108.20 support level yesterday. It closed at 108.03.
106.25 should still offer strong support.? And expect 107.03 to offer support.
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.
