The slow grind up in the S & P 500 continued yesterday, with the S & P 500 closing to the upside 5.15 points.
It closed at 2,166.89.? It is now within 21 points of the objective, which is 2,187.50.
The VIX closed under 12.50 yesterday, at 12.44.? For the VIX to move to the next lower level, it will need two closes under 11.72 to move down to the next level.
But, with the VIX around the 12.50 level, I have to think that it will ultimately find support.
Having said that, the down to up volume reading was only .43 yesterday. It was actually less than the prior day.? Until selling volume picks up, you have to stay with the uptrend.
Companies reporting earnings are picking up this week. And radical moves will continue as well.
NFLX is down $12.42 pre market based on their earnings. It is off 12.57%.
Here are the key levels for the markets.
VIX:
Minor level - 19.53
Major level - 18.75
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
Major support at 12.50.? To mover higher, the VIX will need two closes above 13.28. To move lower, two closes under 11.72.
10.94 should be a level that will offer strong 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
Objective should be to 2,187.50.? 2,156.30 should be a support level.
2,171.88 should also be a minor resistance level.? Watch how price reacts around this level.
Nasd 100 (QQQ):?
Major level - 115.63
Minor level - 113.28 *
Major level - 112.50 *
Minor level - 111.72 *
Minor level - 110.16
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
112.50 level finally hit and taken out.? The QQQ closed at 112.54 yesterday.
112.89 should offer some resistance.
Support should be at 112.11.
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 *
The TLT came within 25 cents of the 137.50 objective.
138.28 is a minor support level.
135.94 is the key support on the downside.? If the TLT closes under that level, it could drop to 131.25.? Having said that, 137.50 should be strong support.
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
Watch the 127.35 level.? If the GLD gets above that level, it will most likely test 128.13.
125 should be strong support.
Bullish % interest for the gold miner sector remains at 96.43%.?
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 is still hovering just above the 68.75 level.
To move higher, it needs two closes above 69.53.
71.88 should offer resistance.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple popped up and closed at 99.83 yesterday.? The high for the day was 100.13, so it hit our objective of 100.
Support should be at 98.44.? 103.13 should off resistance.
Watch list:
Bullish Stocks: LMT, ULTA, BCR, NOC, STZ, COST, LLL, RTN, CLX, CASY, VMC, DLR, PEP, CME, DG, ALGN
?
Bearish Stocks:? HUM, FLT, BWLD, JAZZ, WBC, PSX, TSO, MAN, XLO, HIG, COP, AMTD, BKU
?Be sure to check earnings release dates.
