Total Premium Collected $.68
DDD Long at $15.16
Short Dec 16th-$15.50 Call - $.24
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The S & P 500 closed about one point under the 2,257.82 level yesterday.? It closed at 2,256.96.
A close yesterday above the 2,256.96 level would have set the stage for the move up to 2,281.30.
Yesterday?s low held about two points above the 2,250 level, which should act as support.
This morning, the markets are set to open to the upside. Watch to see if the S & P 500 can hold the 2,257.82 level.
The VIX remains in oversold territory and managed to close just above 12.50 yesterday, at 12.64.
For the VIX to move higher, it will need to close above 12.89 for two days.? Until then, the momentum for the markets remain to the upside.
The big news event this week is the long anticipated Fed rate hike this Wednesday at 2:00 EST.? That is if they do raise rates.
Continue to monitor the levels for entry points.
Here are the Key Levels for the Markets:
$VIX:
Major level ? 14.06
Minor level ? 13.67
Minor level ? 12.89
Major level - 12.50
Minor level ? 12.11*
Minor level ? 11.33
Major level ? 10.94
Major level ? ?9.38 ***
The VIX continues to trade around the 12.50 level. To move higher, the VIX will need to close for two days above 12.89.? And to move lower, it will need to close under 12.11.
With the VIX at long term support, we need to be aware that a spike up can come.
?
$SPX:
Major level ? 2,281.30
Minor level ? 2,273.48
Minor level ? 2,257.82 **
Major level - 2,250.00
Minor level - 2,242.18
Minor level - 2,226.62
Major level - 2,218.80
Main level at the moment is 2,257.82.? Two closes above that price and the objective should be 2,281.30.
2,265 is the next minor resistance level that has to be cleared to head higher.? And it could be a difficult level to clear on the first attempt.
QQQ:?
Major level - 121.88
Minor level - 121.10
Minor level - 119.53 ***
Major level - 118.75 *
Minor level - 117.97
Minor level - 116.41
Major level - 115.63
Minor level - 114.84
The QQQ held above the 118.75 level, closing at 118.96. Two closes above 119.53 and the QQQ should try and move up to 121.88.
118.75 should still be support. 120.31 could offer minor resistance.
TLT:?
Major level ? 125.00
Minor level ? 124.22
Minor level ? 122.66
Major level ? 121.88
Minor level ? 121.09
Minor level ? 119.53
Major level ? 118.75 **
Minor level -? 117.96 *
Minor level ? 116.41
Major level ? 115.62
The TLT did close under 117.96 yesterday, so the objective should be to 115.
Ultimately, the TLT could drop to 112.? The TLT has moved into a downtrend on the daily chart, so clearly momentum is still to the downside.? It is oversold and a bounce could be expected, but I suspect any rally will fail.
GLD: ?
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 **
Major level: 106.25
The objective for the GLD should be to 109.? 109.38 is a major level for the GLD.? If the GLD closes two days under 109.38, this would indicate a further drop on the GLD.? Watch to see if the GLD drops under 109.38.
The daily chart is close to crossing into a downtrend.? When that happens, I would expect the violation of the 109 level.
112.50 should be resistance now.
XLE:
Major level ? 78.12
Minor level ? 76.56 **
Minor level ? 75.78 *
Major level - 75.00
Minor level - 74.22 *
Minor level - 72.66
Major level - 71.88
Minor level - 71.10
Minor level - 69.53
The XLE took out 78.12, which means it is highly probably it will head higher.
Continue to buy against support.
FXY:
Minor level: 87.11
Minor level: 86.33
Major level: 85.94 **
Minor level: 85.55
Minor level: 84.77 **
Major level: 84.38
Major level: 82.81
Target to the downside for the FXY is 81.? Resistance should be at 85.55.? Very close to moving into a downtrend. Any bounce should fail.
Minor resistance should be at 83.98.? 83.20 minor support.
AAPL:
Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 10
0, 93.75, and 87.50.
Apple holding above the 112.50 level.? The 60 minute chart is closer to moving into an uptrend.? Will continue to monitor that.? After a cross to the upside, will be looking for the trade sets ups.
WATCH LIST:
Bullish Stocks: PCLN, GS, SPY, FDX, IBM, BA, CB, ACN, CLB, UPS, CVX, JACK, AGU, WBA, TIF, RS,
ETN
Bearish Stocks:? ILMN, PRGO, TEVA, MAT, AKRX
Be sure to check earnings release dates
