The S & P 500 continues to hang around the highs, closing at 2,168.48 yesterday.?
For the market to move up, I would expect it to reclaim the 2,171.88 level today.? By reclaim that level, I mean it should close back above 2,171.88 today.
I say this because if the S & P closed under that level today, the objective becomes 2,125.
So, at this point, the active objective remains at 2,187.50.?
Yesterday I mentioned that you want to watch the VIX and more specifically, the 13.28 level.
The VIX topped out at 13.72 before moving down and closing under the 13.28 level, at 12.87.
It may try and test 13.28 today.? If it does and fails, expect the market to push up.
After the close today we will hear earnings from AAPL, BWLD, AKAM and PNRA.
Tomorrow at 12:00 EST is our webinar.? If you have any questions you would like me to address, please email me at davismdt@gmail.com.
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.? It needs two closes above 13.28 to move up to 15.63.
12.89 is a short term resistance level.? And 12.11 is a short term support level.
10.94 should also offer 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.
2,168 and 2,166 should be a short term support levels.
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 yesterday at 113.66, so the upside objective should be to 115.63.
Yesterday's low was exactly the minor support level of 113.28 I mentioned.
114.06 should be minor resistance.
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 closed at 138.70, so the objective should be up to 140.63.
Minor support should be at 138.67. Resistance is at 139.84.
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
The GLD came within 11 cents of the 125 objective.
It will need two closes above 125.78 to move up to 128.13.
126.17 is minor resistance.
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
A close today under 67.96 and the XLE should test 65.63.
However, 66.41 should offer some support. 66.80 is also a short term support level.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
A close today under 98.43 and Apple should drop to 93.75.
Short term support should be around 95.31.
Apple does report today after the close, so expect volatility tomorrow.
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.
