The S & P 500 continues to tick up to the objective, which is 2,187.50.
For the week, the market closed up 13.29 points, at 2,175.03.
We are now within 12.50 points of the objective.
The VIX popped back above 12.50 on Thursday, but closed back under it on Friday. It closed for the week at 12.02.
The VIX will still need to close above 13.28 for two days in order to move higher.
Having said that, the VIX is oversold and I would expect a bounce.
11.72 is a short term level to watch for the VIX.
This week should also produce some volatile moves off of earnings.
We will hear from Apple, Facebook, Amazon, Baidu and Google.
This week we will also hear from the Fed on Wednesday at 2:00.
Though I don't expect a change in rates at this time, it would be a shock to the markets if there was one.
Finally, the short $15 calls on P did expire on Friday. Profits have been booked on them.
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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 will need two closes under 11.72 to move to 9.38.
Short term resistance should be at 13.28 and 14.06.
Watch if the 11.72 level will hold as 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
2,175.80 is a short term resistance level.? If the S & P 500 can get through that level, expect the move up to the 2,187.50 level.
2,171.90 should be a short term support 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
The QQQ closed Friday at 113.65.? So, a close today above 113.28 and the objective should be to 115.63.
Minor support is at 113.28
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 *
A close today above 138.28 and the objective should be to 140.63.
Minor support should be at 137.89 and 137.50.
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
126.56 should be a short term resistance level.
Objective should be to 125.
Bullish % interest for the gold miner sector remains at 96.43% and 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
67.96 should still act as support.
To move higher, it needs two closes above 69.53.
68.16 should be short term support.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Two closes under 98.43 and Apple should drop to 93.75. They do report earnings tomorrow, after the close.
Short term support should be around 97.50.
Watch list:
Bullish Stocks: AMZN, ULTA, DPZ, IBM, UNH, LH, UHS, CASY, VMC, JNJ FB, ITW, CRI
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Bearish Stocks:? NFLX, PSX, CMP, AMCX, MANH
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Be sure to check earnings release dates.
