Yesterday contracted, with the S & P 500 closing 1.98 points to the downside, at 2,180.89.
The high for the day was 2,185.44, which is about 2 points under our objective.
The market is up slightly pre market, so look for the objective of 2,187.50 to be hit today.
The question is what happens after that?
Usually, the market tends to stall out at the next upside confirming level, which is 2,203.10.? At least that is what I would be looking for.
However, it if does clear 2,203.10, I would expect the market to ultimately hit 2,250.
What should tell us when profit taking is due to set in is the VIX. At this point, the VIX did close under 11.72 yesterday, when it closed at 11.50.
This makes the downside objective 9.38.? Higher levels 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
The downside objective should now be to 9.38.
12.11 should be resistance and 10.94 should be minor 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
2,179.70 should be minor support.
Minor support is at 2,171.90.? 2,184.60 is a minor resistance level.
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
116.41 should be minor support.? And 117.19 should be the objective and offer minor resistance.
Trend remains bullish.
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 retested the 137.50 support level.
Two closes above 138.28 and the TLT should move up to 140.63.
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
Two closes under 127.35 and the GLD should drop to 125.
Trend remains bullish, but the GLD is overbought.
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
The XLE hit the 68.75 objective yesterday, but closed just under it at 68.43.
The 67.97 minor level offered support, with the low for the day 67.98.
Intra day timeframes remain in downtrends, so expect some volatility until they move into uptrends.
65.63 should be major support for the XLE.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
A close today above 107.81 and the objective should be to 112.50.
Look to buy against support.
Watch list:
Bullish Stocks: PCLN, AMZN, ULTA, AVGO, RTN, ZBH, FFIV, CMI, FB, SWK, MON, JACK, CME, JACK, ALGN
Bearish Stocks:? ATHN, SRCL, WDC, HIG, CF, VGR, FLO
?
Be sure to check earnings release dates.
