The S & P 500 continued it's sell off and closed to the downside 12.25 points, at 2,051.12.? The low for the day was 2,045.55.
Though it has sold off, it still has not closed under 2,046.88.
At the same time, the VIX moved up to a high of 16.85 and pulled back, closing at 15.77.
Because the VIX could not get through 17.19, a retest of 15.63 would be the logical move.
The key today is the 15.63 line.? If the VIX opens under that level, look for it to act as resistance.? An open above it and it should be support.
Futures are pointing to a higher open this morning so watch the VIX levels.
Also, tomorrow is the release of the Non Farm Payroll at 8:30 EST.?
Earnings continue with TSLA set to open a few points higher.? I mentioned the earnings report from PCLN on yesterday's webinar and how oversold it was.
PCLN did in fact rally about $60 off that oversold condition.
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
Watch the 15.63 level today.? 14.84 is a minor support level and 16.41 is a minor resistance 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
2,062.50 should act as resistance.? If the S & P can get through that level, expect it to act as support.
Minor support at 2,046.88.? The S & P still has not been able to close under that level.
2,054.70 is still a minor support level, which will no doubt be tested today.
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
105.08 is a minor support level.? Watch how the QQQ trades around this level today.
105.86 is a minor resistance level.
For the QQQ to move up, it will have to close above 105.46 today.
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
The TLT did close above 128.91 yesterday.? The upside objective should be to 131.25.
128.13 should become support again.
130.47 should be minor resistance.
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
Objective should be to 119.53.? 121.48 should be minor support.
Major support should be at 115.63.
Expect another rally before profit taking ensues.
XLE:
Minor level - 69.53
Major level - 68.75
Minor level - 67.96
Minor level - 66.41
Major level - 65.63 *
Minor level - 64.85 *
Minor level - 63.28
Major level - 62.50
Support should be at 64.85.? And if the XLE can hold that level, look for it to move higher.
The XLE should try and reclaim the 65.63 level.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
Still looking for a higher bounce before Apple sells off.
90.63 should be a minor support level.
Watch list:
Bullish Stocks: AMZN, LMT, BCR, ULTA, BDX, CLB, RTN, LLL, NOC
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Bearish Stocks: CMG, AGN, BWLD, AAPL, PRGO, TGT, VRSK, SWKS
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Be sure to check earnings release dates.
