Total Premium Collected? $1.95
ASNA Long at $14.20
Total Premium Collected $.75
DUST Long $4.50
Total Premium Collected? $.70
DYN Long at $12.55
Premium Collected $.48
FEYE Long at $13.65
Total Premium Collected $.28..
........................................................................................
The pullback continued yesterday with the S & P 500 hitting a low of 2,187.44, just under the 2,187.50 support level. But the story has been the sell off in the tech sector and the NASD.
The NASD Composite was down another 1.36% for the day.? Both the DOW and the S & P 500 have seen modest sell offs compared to the NASD.?
The FANG stocks have seen sell offs and seem to be leading the sell off in the NASD. Having said that, with the strong run some of these stocks have made, profit taking is certainly coming in.? Stocks that have made strong runs like, NVDA and CRUS, are selling off.
CRUS was down over 10% yesterday and NVDA sold off almost 5%.? However, NVDA was above it?s upper Bollinger band and is selling off. ?NVDA is just another example of a stock that got above it?s upper band and is selling off.
The question is where should support be for the market?
At this point, I am looking at the 2,187.50 level.? If this cannot hold, I think that 2,172 should.
But, we will need the NASD market to hold support. Divergence with the major markets is not a good sign.
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
The VIX closed at 14.05 yesterday, just a penny under the 14.06 level.? We were looking for a move to 14.06.
Still biased for a move up to 15.63.? And if the VIX reverses at that level, look for the market to firm.
The minor 14.84 level could offer resistance.? 13.67 should offer support.
?
$SPX:
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
Watch how the S & P reacts around the 2,187.50 level.? It should offer support.? If it doesn?t, look for 2,179.70 to be strong support.? 2,195 could offer resistance.
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
Minor level - 113.28
Major level - 112.50
The QQQ closed at 115.41, just under the 115.63 level. At this point, look for support at 114.84.? If the QQQ breaks under 114.84, look for it to head lower.
116.41 should offer 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
The TLT closed just under the 118.75 level, at 118.73.? The TLT is oversold and a bounce should be expected.
The objective for the TLT has not changed and a rally would be an opportunity to short.? 122 should be major resistance on a rally.
GLD: ?
Minor level ? 117.97
Minor level -? 116.41
Major level ? 115.63 *
Minor level ? 114.85
Minor level ? 113.28
Major level ? 112.50 *
Major level ? 109.38
Like the TLT, the GLD continues to sell off, closing at 111.54.? It is approaching the major 109 .38 level, which should tell? us how far it could drop.
Two closes under 109.38 and the GLD could drop to 100 to 103.
107.81 should be minor support and 111.72 resistance.
XLE:
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
Major level - 68.75
The XLE hit the minor 75.78 level and pulled back.? No question it is overbought at the moment.
The next pullback should be an opportunity to get long.? The 72 area should offer support.
FXY:
Minor level: 89.45
Major level: 89.06
Minor level: 88.67
Minor level: 87.89
Major level: 87.50 *
Minor level: 87.11 *
Minor level: 86.33
Major level: 85.94 ***
The FXY had a? minor reversal day yesterday, closing up .36, at 84.62.? The 86 area should be resistance on a rally.? Short term, look for 84.77 as resistance.
AAPL:
Major levels for Apple are 118.
75, 115.63, 112.50, 106.25, 100, 93.75, and 87.50.
Apple sold off slightly and closed at 109.49.? If it drops to 106, look for support to come in.
WATCH LIST:
Bullish Stocks: PCLN, HUM, GS, MLM, FDX, BA, RTN, CMI, AET, UHS, CVX, DE, CAT, PZZA, KLAC, JPM, DDS
Bearish Stocks:? AGN, BIDU, PANW, ALXN, RGR, FSLR, VRX
Be sure to check earnings release dates
