Yesterday's price action followed the script as described in the update.
First, the S & P 500 opened just above the 2,062.50 level, at 2,062.63, and that level acted as support.
And second, the range for the day was 22.24 points.? I mentioned that the market
would most likely have an expansion after the range contraction from Monday and
that is what happened.? Yesterday's range of 22.24 points exceeded the average true range of 18.74.
The other significant event from yesterday was that it was the first day that the S & P 500 closed above 2,078.12, when it closed at 2,084.39.
If the S & P can close above 2,078.12 today, then it would pave the way for a move up to 2,125.
At this point, the lower levels should offer support.
Here are the key levels for the markets.
VIX:
Major level - 25.00
Minor level - 23.44
Minor level - 20.31
Major level - 18.75
Minor level - 17.19 *
Minor level - 15.63 *
Minor level - 14.06 *
Major level - 12.50
The objective for the VIX should now be to a retest of 12.50.
It broke under 14.06 yesterday, so that level should be resistance.Minor support is at 13.28.
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
A close today above 2,078.12 and the objective becomes 2,125.
2,074.20 should be support.? And the S & P 500 will need to clear 2,085.90 to move higher.
The 2,062.50 level should be strong support.
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 *
Minor level - 103.91
Major level - 103.13
A close today above 107.03 and the QQQ should try and test 109.38.
Lower levels should be support.? Minor support at 106.64.
TLT:?
Minor level - 132.03
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
Yesterday's high was within 13 cents of the 131.25 objective.
130.47 should still be minor support.
GLD:
Major level - 125.00
Minor level - 124.22
Minor level - 122.66
Major level - 121.88
Minor level - 121.10
Minor level - 119.53
Major level - 118.75
Minor level - 117.96
The GLD closed yesterday at 120.99, just under the 121.88 level for the second day.
It should try and retest 118.75, however it may bounce before it does.
Major support should be at 115.63.
Getting close to a short term top.
XLE:
Minor level - 69.53
Major level - 68.75
Minor level - 67.96
Minor level - 66.41
Major level - 65.63 *
Minor level - 64.84 *
Minor level - 63.28
Major level - 62.50
The XLE reclaimed 64.84 yesterday, closing at 65.45.
66.41 should be minor resistance.? And to move higher, the XLE will have to take out that level.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple is oversold.? If Apple can close above 93.75, I would expect a bounce to the
upside.? A rally to around $100 is what I would expect.
It has moved into downtrends on it's shorter term charts.
Watch list:
Bullish Stocks: AMZN, LMT, BCR, STZ, LLL, BDX, RTN, VMC, JNJ, THS
?
Bearish Stocks: TSLA, ANTM, SIG, ASML, GILD, RL, AGU, TGT
?
Be sure to check earnings release dates.
