Yesterday's trading was typical ahead of the release of a market wide report.? The range for the day was 19.69 as compared to an average range of 24.81.
Pre open, the markets have a slight bullish bias ahead of the release of the Non Farm Payroll at 8:30 EST.
This can change quickly as you know.
The short term charts for the S & P 500 are starting to move into uptrends.? The 30 minute chart has already crossed over into an uptrend.
And the 60 minute chart is very close.? If the 60 minute chart can cross into an uptrend, I would expect this bull move to continue.
Here are the key levels for the markets.
VIX:
Minor level - 22.66
Major level - 21.88
Minor level - 21.09
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
Look for a retest of the 12.50 level.?
Minor support level is at 14.06.? If the VIX breaks under that level, look for it to move lower.
14.84 is also a minor level to keep an eye on.
S & P 500 Cash Index:?
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
Minor level - 1,984.38
Minor level - 1,953.12
Major level - 1,937.50
I mentioned the minor 2,097.70 level and if the S & P 500 could close above it, it should run to 2,125.
Yesterday managed to close to just above it at 2,097.90.
2,093.80 should act as support.? 2,109.40 is a level that could offer resistance.
Nasd 100 (QQQ):?
?
Major level - 109.38
Minor level - 108.60
Minor level - 107.03 *
Major level - 106.25 *
Minor level - 105.46
Minor level - 103.91
Major level - 103.13
Minor level - 102.34
The QQQ closed just above the minor 108.60 level yesterday. It closed at 108.62.
Objective should be to 109.38.
Minor levels should be 108.20 and 108.98.
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
Minor level - 136.72
Minor level - 135.16 *
Major level - 134.38
The TLT is still overbought and trading above the upper band on the daily and the weekly charts.
Yesterday's high was 143.19, just .56 under the major 143.75 level I mentioned yesterday.
The TLT could have a large range today based on the Non Farm Payroll.
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 closed yesterday back inside the upper band on the daily chart.
The upper band is 131 and the GLD closed at 129.74. The major resistance level is 131.25.
If the GLD gets through 131.25, expect it to move higher.
Initiating long positions here is still very risky.
Bullish % interest for the gold miner sector still reads 100%.
XLE:
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
65.63 should still be major support for the XLE.
A break out above that level paves the way for a move up to 75.
Minor support remains at 66.41 and 66.80.
Yesterday's low was 66.35, just 6 cents under the minor 66.41 support level.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
The upside objective should still be back to 100.
Minor support is at 95.31 and 94.53.? 96.88 should be minor resistance.
Watch list:
Bullish Stocks: NTES, CASY, MMM, SYK, JNJ, CVX, CCI, DTE, POOL, XOM, ALGN, PNW, ETR, DGX
?
Bearish Stocks:? CMG, UHS, WBC, MA, RHT, WAB, RCL, NTRS, VLO, CCL, CAKE, CBG
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Be sure to check earnings release dates.
