The range for yesterday was 13.29 points and the daily price bar ended up being an inside day.? An inside day, as you know is a day that has a lower high and a higher low.
Generally the next move for the market will be in the direction of the violation of yesterday's price bar.? For the bullish move to continue, you want the high of yesterday to be violated before the low.
Yesterday's high was 2,183.48 and the low was 2,170.19. These are key levels to monitor.
I mentioned the weekly price bar support levels in the 2,175 to 2,177 area.? Now that the market is trading above those levels, they should act as support.
Non farm payroll will be released this Friday at 8:30 AM EST. This will be a closely followed report as the Fed has indicated that a rate hike will be data dependent.
Earnings are slowing this week as we come towards the end of this quarter.? PANW reports this afternoon after the close.? And CRM reports tomorrow.
Continue to monitor the shorter term levels for the VIX and the S & P 500.
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
Support should be at 12.50.? After 12.50, the next level that should offer some support is 11.72.
Resistance should be at 14.06 and 14.84.
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
With the S & P 500 reversing to close above 2,171.88, it would still need two closes under that level to move lower.
2,175 should offer support today.? Also, 2,171.90 should be a support level.
2,187.50 will likely be retested.
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
Minor resistance is at 117.19.? And 116.80 should offer support.
The QQQ should try and test 118.75.
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 continues to trade between 137.50 and 140.63.
139.80 should be a short term support level. If the TLT can break through 140.63 on this drive, I would expect some resistance at 141.41.
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 125 level should still be the objective for the GLD.? And 125.78 should be a support level as well.
128.13 should now be resistance.
The GLD remains overbought.
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
With a close today above 69.53, the objective for the XLE should be 71.88.
Watch the 69.53 level today, which should offer support.
Minor resistance should be at 70.31.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple formed a bearish weekly price bar last week.
Resistance from the price bar should be around 108.50.
Apple sold off and is trading just above the 106.25 support level.? If this level cannot hold, I would expect a move down to 100.
Watch list:
Bullish Stocks: NTES, AVGO, XEC, ADBE, KSU, NSC, URI, VMW, AMBA, ADSK, DFS, EGN, CLR, CCE, NCR
Bearish Stocks:? AGN, EXPE, LLY, IAC, TEVA, AN, ALKS, FSLR, CAR, OMI, SCTY
?
Be sure to check earnings release dates.
