The S & P 500 had a roughly 7 point range yesterday, closing at 2,090.10.
This would not be unexpected after the massive two day rally the markets have had this week.
Having said that, it was the second close above 2,078.12, which means the upside objective should now be 2,125.
Today, Janet Yellen will speak at 1:15 EST.? The market will most likely be slow waiting for clarity on an interest rate hike.
?
Markets are closed Monday for the Memorial Day Holiday.
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 13.43 yesterday.
The VIX is very close to the 12.50 major support level.
Short term levels are 14.84, 14.06 and 13.28. Under 12.50, is the minor 11.72 level.
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 objective is now 2,125.
2,109.40 is a minor resistance level.
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 above the 109.38 level, at 109.56.
To move higher, the QQQ will need two closes above 110.16.
Minor levels are 108.59, 107.81 and 107.03.? 110.94 should be a minor resistance level.
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 129.69 and 128.91.
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 the GLD is within a point of it.
The downside objective should be to 112.? Short term levels are 117.19 and 114.06.
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
68.75 should be the objective for the XLE.? However, 67.97 is a short term resistance level.
Short term support levels are 66.80, 66.41, 66.03.? The Major 65.63 level should continue to offer support.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Apple continues to move higher, closing at 100.41 yesterday.
103.28 is the downgap on Apple.
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.
