I am writing this well ahead of the release of the Non Farm Payroll at 8:30 AM EST.? As I write this, the markets are trading slightly to the upside.
As you know, this can change dramatically depending upon the number.? And this marketwide news release has the potential to shock the markets and create excess volatility.
For the past three weeks, the markets have traded in a very tight range.? Perhaps this report will change that.
The market closed at 2,164.35 yesterday.? This was only a .46 gain on the day.
But I did mention that I expected a quiet day yesterday with investors waiting for this morning.
The range for the day was only 9.12 points.
If you daytrade, yesterday was the type of day to take off.
Today should be another story.? I would expect movement.
On another note, PCLN is trading to the upside about $80 based on their earnings.? The market makers were projecting a move of about $72, so it is pretty close to what was expected.
I priced out some spreads yesterday with a $100 range, but the spreads were so wide, they were not worth the risk.
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 still cannot close above the 13.28 level again. And even managed to close under the 12.50 level, at 12.42.
Continue to watch how the VIX reacts around the 12.50 and 13.28 levels.
14.06 should be a minor resistance level.? And 11.72 should be minor support.
S & P 500 Cash Index:?
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
Minor level - 2,046.88
Minor level - 2,015.62
Major level - 2,000.00
Minor resistance at 2,171.88 and minor support at 2,156.30.
Watch for a breakout or breakdown of these levels.
Next support on the downside is 2,140.60.? The upside level is the objective at 2,187.50.
Nasd 100 (QQQ):?
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 level - 111.72
Minor level - 110.16
Major level - 109.38
The QQQ closed just above the 115.63 level yesterday. It closed at 115.67.
114.84 is minor support and 116.41 is minor resistance.
Two closes above 116.41 and the objective should be 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
Objective should be to 140.63.
139.06 should be minor support and 141.41 should be minor resistance.
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
Objective should be to 128.13.? Minor resistance should be 130.47.
128.91 should offer minor support.
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
Objective should be to 68.75.
66.41 should offer support.? Minor resistance is at 67.97.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple closed at 105.87 yesterday, just under the 106.25 level.? The high for the day was 106.
Minor support should still be at 104.69.? 107.81 is minor resistance.
Watch list:
Bullish Stocks: ORLY, NTES, AMGN, AVGO, UNH, ZBH, CMI, UTX, CME, ALGN, CTXS, CAT, BURL, BDC, DECK, QCOM
?
Bearish Stocks:? WBA, WAB, LPNT, APC, HIG, GIII, ALR, KR
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Be sure to check earnings release dates.
