Yesterday seemed to be a repeat of Wednesday's price action.
The market opened to the downside, only to find support and rally for the balance of the day.
The bottom came about three points higher than the previously identified support level of 2,085.90.
With a close of 2,105.26, the S & P 500 is within 20 points of the major 2,125 objective.
The technical event I have been discussing for a while now set up yesterday.
That is the 200 ema crossed above the 253 day average on the daily chart for the S & P.
The 200 ema now reads 2,029.14 and the 253 day average is 2,028.63.? That area should no be strong support on any pullback.
Though I am still biased to the upside, today's action will revolve around the release of the non farm payroll at 8:30 EST.
Expect excess volatility as a result.
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 collapsed yesterday and closed at 13.63.
Resistance should be at 14.06 and support at 13.28.
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.
2,109.40 should be minor resistance.? If the S & P breaks through that level, expect higher highs.
Support should be at 2,101.60 and 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
Objective should be to 112.50.
110.94 should be minor resistance and if the QQQ breaks through that level, it should continue higher.
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
The TLT closed above 131.25 yesterday.? It closed at 131.36.
To move higher, the TLT will need two closes above 132.03.
Minor support should be at 130.47 and 129.69.
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 trying to hold the 115.63 level.
I do expect a move down to 112.50.
Minor resistance should be at 117.19 and 118.75.?
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 holding the 66.41 level. The objective should be to 68.75.
Minor support should be at 66.02 and 65.63.? Resistance is at 67.19.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
96.88 is a minor support level for Apple.? And it appears it is trying to hold support here.
Expect a bounce up to 100 area.
Watch list:
Bullish Stocks: AMZN, ULTA, MLM, BDX, WAT, RTN, CB, ZBH, CXO, CTXS, ALGN, DGX, FIS, WPX, HLX
?
Bearish Stocks:? SIG, ANTM, NKE, FL, HFC, CF, CVS, ERJ
?
Be sure to check earnings release dates.
