The S & P 500 continued it's massive two day rally closing to the upside 14.48 points, to close at 2,090.54.
This was the first close above the 2,078.12 level.
The significance now is if the market can close above that level today, the upside objective becomes 2,125.
The 200 ema continues to inch closer to the 253 day average.? If this can happen, I do believe that my long term target
of 2,250 will be achieved.
This will not happen overnight, and I would expect some backfilling, due to the fact that the VIX is almost back down to it's long term support level.
Shorter term charts for the indexes have moved into uptrend formation.? This will help to keep this move going.
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 continues to drop and closed at 13.90 yesterday.
14.06 should be resistance.? And 12.50 is major support.
Short term levels are 14.45, 13.67 and 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 is 2,125.
Minor resistance levels are 2,093.80 and 2,085.90.
2,062.50 should now be major 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
The QQQ closed just under the 109.38 level, at 109.24.
To move higher, the QQQ will need two closes above 110.16.
Minor levels are 108.59, 107.81 and 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
A move to 128.13 should be expected.
Minor levels are 128.91 and 127.34.
GLD:
Major level - 121.88
Minor level - 121.10
Minor level - 119.53
Major level - 118.75
Minor level - 117.96 *
Minor level - 116.41
Major level - 115.63
115.63 should be the objective.? And it should be strong support.
117.19 is a key short term level.? A close today under that level and the GLD should drop to 112.
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
A close today above 66.41, and the XLE should move up to 68.75.
Short term support levels are 66.80, 66.41, 66.03.? The Major 65.63 level should continue to offer support.
The XLE is very close to having the 200 ema cross above the 253 day average on it's daily chart.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple is within 26 cents of the 100 objective.
96.88 and 93.75 should now be short term support.
103 should be a difficult level to get through on the first attempt.
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.
