Yesterday's trading was quiet after the long range candle from Monday.? However, that is typical after a day that exceeds the daily average true range.
Not only was it a range contraction, it was an inside day.
The range was only 10 points as compared to an average true range of 18 points.
I suspect today will be more of the same until the Brexit vote is announced.
Having said that, the S & P did close above 2,078.12, so the upside objective is back to 2,125.
The situation from yesterday that is concerning is that both the S & P and the VIX closed to the upside.
This is not typical and a divergence.
Pre open, the markets are set to open slightly to the upside again.
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
18.75 should still be resistance, so watch this level. If the VIX can clear 18.75, it should move higher.
The minor 19.53 level should act as resistance. And minor support is at 17.19.
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 2,125 objective is confirmed, however expect volatility, especially tomorrow with the Brexit vote.
Minor support is at 2,078.10 and minor resistance is at 2,093.80.
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 objective for the QQQ should be a test 109.38, after closing at 107.50.
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
Objective should be down to 131.25, which should be support.
Minor support is at 132.81.
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
A close today under 121.09 and the GLD should drop to 118.75.
119.53 should be minor support.? Minor resistance is at 122.66.
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 is almost back to the objective of 68.75.
Minor support is at 67.97 and 67.58.
68.36 should be minor resistance.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple closed at 95.91 yesterday.? Minor support is at 95.31.
Look for a bounce from this level.? A close today above 95.21 and Apple should try and test 100.
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.
