After gapping up yesterday and running to a high of 2,100.66, the S & P 500 gave back those gains to close at 2,083.25.
The S & P 500 had a 25.08 range yesterday.? And this is when all investors seem to have their eye on the Brexit vote.
Can anyone say fake out?
I would still expect excess volatility if Britain does decide to exit the union.? This could be a situation of "buy the rumor and sell the news."
However, I would rather stay with my levels and at this point, a close today above 2,078.10 and the objective should be to
2,125.
Pre open, the markets are set to open to the upside again.
Watch the VIX levels for potential reversals.
Also, watch the 2,098.12 level because that is the high of last week's price bar.? A daily close above it would be bullish.
Here are the key levels for the markets.
VIX:
Major level - 25.00
Minor level - 24.21
Minor level - 22.66 *
Major level - 21.88 *
Minor level - 21.09 *
Minor level - 19.53
Major level - 18.75
Minor level - 17.96
Minor level - 16.41
Major level - 15.63
Major level - 12.50
I mentioned that 18.75 should act as resistance and the VIX rallied back to try and test that level.
The VIX should open lower.? Look for the higher levels to act as resistance.
Support should be at 16.41 and 16.96.
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
Two closes above 2,078.12 and the S & P 500 should retest 2,125.? A close today above that level should confirm the move up.
2,062.50 should be support.?
Minor support is at 2,070.30 and 2,078.10.? 2,085.90 could offer some resistance.
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
The QQQ closed at 107.16 yesterday.
A close today above 107.03 and the QQQ should test 109.38.
Minor support is at 107.03 and 106.64.? Minor resistance is at 108.59.
TLT:?
Major level - 137.50
Minor level - 136.72
Minor level - 135.16 *
Major level - 134.38
Minor level - 133.60 *
Minor level - 132.03
Major level - 131.25
Minor level - 130.46
Yesterday was the second day of the pullback after hitting the 137.50 objective.
133.59 and 132.81 should act as support.
To move lower, the TLT will need two closes under 133.60.
GLD:
Major level - 125.00 *
Minor level - 124.22
Minor level - 122.66 *
Major level - 121.88 *
Minor level - 121.09
Minor level - 119.53
Major level - 118.75
At this point, it should retest the 121.88 level.
Minor support is still at 120.31.? Resistance is at 123.44.
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 XLE closed at 67.47 yesterday.? The upside objective should be to 68.75.
Minor support is at 67.19.?
68.36 should be minor resistance.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Objective should be to 93.75.
Minor support is at 93.75.? If Apple breaks under 93.75, it could drop to the 75 area.? 93.75 is a major price level for Apple.
Watch list:
Bullish Stocks: MMM, CLX, NEE, WYNN, DLR, HSY, DTE, DLTR, XOM, GOV, LL, LOCK, EGHT
?
Bearish Stocks:? CMG, BIIB, TSLA, AMG, AMGN, GD, UHS, PANW, ALXN, EXPE, DEO, CELG, GILD, TSO, LLY, R
?
Be sure to check earnings release dates.
