For the week, the S & P 500 closed down 8.16 points and Friday, it closed to the upside 6.51 points.
Even though the VIX is oversold, it is not showing the action you would expect for a top to be in place. Friday, the VIX sold off 1.19 or 7.48%.? A retest of 12.50 is the most likely scenario at this point.
As for the S & P 500, it is very close to having the 200 ema cross above the 253 day average.? If this can happen, then the long term trend will be bullish.
This week has no major market wide announcements that can move the markets.
Earnings season continues, so expect volatile price action on companies reporting earnings.
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
14.84 is a minor support level for the VIX and Friday it closed under it at 14.72.? If the VIX closes under 14.84 today, it should confirm a move back to 12.50.
14.06 should be minor support.
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 managed to hold support just above the 2,046.88 level on Friday.
It should now be support.? The objective to the upside should be to 2,062.50.
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
Minor support should be at 105.46.? If this level holds, look for a move up to 106.25.
Two closes above 107.03 and the QQQ should move up to 109.38.
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
131.25 should still be the objective.? To move above that level, the TLT will need two closes above 132.03.
128.13 should be 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 did pop up on Friday and hit a high of 123.81, before closing at 123.18.? A close today under 124.22 and the GLD should test 122.
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 closed just under the 65.63 on Friday.? To move lower, the XLE would need two closes under 64.85.
64.84 is a minor support level.
Apple:
Major levels for Apple are 106.25, 100, 93.75, and 87.50.
90.63 is a support level for Apple.? If it can hold this level, I would expect a move up to around 97.? Apple has the open gap, which does become a natural price objective.
Watch list:
Bullish Stocks: AMZN, LMT, BCR, STZ, LLL, BDX, RTN, VMC, JNJ, THS
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Bearish Stocks: TSLA, ANTM, SIG, ASML, GILD, RL, AGU, TGT
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Be sure to check earnings release dates.
