Last week, all markets closed slightly higher, with the exception of the DOW, which closed slightly to the downside.
Having said that, all markets essentially formed doji bars on their weekly price charts.
For the week, the S & P 500 closed up 5.71 points and is very close to moving into an uptrend on the daily chart.
The S & P 500 almost recouped the 2,062.50 level on Friday, before selling off and closing at 2,052.32.
Getting back above the 2,046.88 level means that level should offer support at this point.?
The 2,046.88 level is a key short level because if the S & P were to close under that level for two days, it would mean a retest of the 2,000 would be the most likely scenario.
The short term charts for the S & P 500 still remain in downtrends; however, they are starting to firm up.
This should mean to expect some rocky price action before they move into uptrends.
And continue to follow the VIX and the VIX levels to help confirm when the market
should turn.
The markets are closed next Monday for the Memorial Day holiday here in the states.
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 VIX pulled back Friday and closed under the 15.63 level, at 15.20.? Look for that level to act as resistance.
Minor support is at 14.84 and 14.45.? Look for resistance at 16.02 and 16.41, along with 15.63.
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
The S & P 500 will still need two closes under 2,046.88 to retest 2,000.
Support should be at? 2,046.90 and 2,039.10.? Minor resistance is at 2,054.70 and Friday the S & P hit 2,058.35 before selling off and closing at 2,052.32.
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
The QQQ was able to close above the 106.25 on Friday.? It closed at 106.47.
Minor support should be at 105.86 and 105.47.? To move higher, the QQQ will need two closes above 107.03.
TLT:?
Major level - 132.81
Minor level - 132.42
Minor level - 132.03
Major level - 131.25
Minor level - 130.46
Minor level - 128.91 *
Major level - 128.13
The TLT closed at 130.15 on Friday.? This is the second day the TLT closed under 130.46, so the objective should be to 128.13.
The TLT will have to clear 130.46 to move higher.
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 at 119.71 on Friday, just above the minor 119.53 level.?
The GLD had a bearish price bar last week and resistance should be around 121.
Major support is at 115.63.? 118.75 should also offer support.
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 closed at 66.16 on Friday.? It will still need two closes above 66.41 to move higher.
Short term support levels are 66.02, 65.23.? The Major 65.63 level should also offer support.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple had a bullish weekly price bar last week.? The open gap at around 103 is still a logical target for Apple.
93.75 and 92.97 should be support now. Bias has shifted to the upside.
Watch list:
Bullish Stocks: LLL, ZBH, DHR, CRL, LOW, ALGN, APA, NVDA, DGX, CRL
?
Bearish Stocks:? GS, AMGN, FLT, ANTM, CMI, CVS, CELG, WBA, YUM
?
Be sure to check earnings release dates.
