Yesterday, the markets sold off early in the day, only to rally back and close slightly to the upside.
The S & P 500 was down about 14 points, before finding some footing and rally back to close 2.37 points to the upside.
The VIX stalled at 15.25 before dropping virtually all day to close at 14.52.
This morning the markets are down slightly before the open and an opportunity to buy would exist when the VIX reverses off a resistance level.
14.84 is a short term resistance level for the VIX and if the VIX sells off against that level, look for the market to rally.
With the non farm payroll coming out tomorrow at 8:30 EST, the market may be quiet waiting for the report.
On the daily chart for the S & P 500, the 200 ema is now 2,028.37 and the 253 day average is 2,028.65.
It is now within 30 cents of having the bullish crossover.
Here are the key levels for the markets.
VIX:
Minor level - 20.31
Major level - 18.75
Minor level - 17.19
Minor level - 15.63 *
Minor level - 14.06 *
Major level - 12.50 *
Minor level - 10.94
The VIX closed at 14.20 yesterday.? This again was just above the 14.06 level and under the minor 15.63 level.
Minor resistance at 14.84, 14.06, and 13.28.? Support at 10.94.
Watch the 14.84 level today.
S & P 500 Cash Index:?
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
The objective is still to 2,125.
I mentioned support should be at 2,085.90 and yesterday's low was 2,085.10.
Watch how the S & P 500 reacts around the 2,093.80 level.
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Nasd 100 (QQQ):?
Major level - 112.50
Minor level - 111.71
Minor level - 110.16 *
Major level - 109.38 *
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
Yesterday, the QQQ closed at 110.15, just one cent under the 110.16 level.
I was looking for a close above 110.16, but when a market closes within one cent of the level, that is good enough for me.
Target should be to 112.50.
Minor support should be at 109.38.
TLT:?
Major level - 132.81
Minor level - 133.60
Minor level - 132.03
Major level - 131.25 *
Minor level - 130.46
Minor level - 128.91
Major level - 128.13 *
Look for a push up to 131.25.? To move above that level, the TLT will need two closes above 132.03.
Minor levels are 129.69 and 128.91.
GLD:
Major level - 118.75
Minor level - 117.96
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.85 *
Minor level - 113.28
Major level - 112.50
The GLD is trading right around the 115.63 level.
It will have to close under that level to help confirm the move down to 112.50.
117.19 and 118.75 should be resistance.?
XLE:
Major level - 71.88
Minor level - 71.09
Minor level - 69.53
Major level - 68.75 *
Minor level - 67.96
Minor level - 66.41 *
Major level - 65.63
Major level - 62.50
The daily chart just ahd the bullish crossover.? I would expect moves to the upside.
A close today above 66.41 and the XLE should head up to 68.75.
Short term support levels are 66.80, 66.41, 66.03.? The Major 65.63 level should continue to offer support.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple is having trouble clearing the 100 level and closed to the downside $1.40 yesterday.
The short term charts are bullish, so I would expect another rally.
Short term support should be at 98.44 and 96.88.
Watch list:
Bullish Stocks: AMZN, ULTA, MLM, BDX, WAT, RTN, CB, ZBH, CXO, CTXS, ALGN, DGX, FIS, WPX, HLX
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Bearish Stocks:? SIG, ANTM, NKE, FL, HFC, CF, CVS, ERJ
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Be sure to check earnings release dates.
