October 17, 2016 - MDT Pro Tips A.M.

Total Premium Collected? $1.95

ASNA Long at $14.20
Total Premium Collected $.75

DUST Long $4.50
Total Premium Collected? $.70

FCX Long $12.45
Total Premium Collected? $.24

CIEN Long Oct 21-$22 Call? $1.39
Total Premiums Collected? $.74

KR Long Jan $30 Call? $1.30
KR Short Jab $33.75 Call? (.25)

DYN Long at $12.55
DYN Short Oct $12.50 Call (.48)
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The S & P 500 ended up closing slightly to the upside on Friday, at 2,132.98.? However, for the week, the market closed 20.76 points to the downside.

We expected a bounce on Friday based on the fact that the S & P 500 was oversold, as evidenced by the market trading under it?s extreme Bollinger band on the 30 minute chart.

Based on the weekly price bar, I would expect resistance in the area of 2,142 to 2,146. And since the
S & P 500 traded under the 2,125 level, a retest of that level would not be out of the question.

The question is will it hold? I suspect it will, but if it doesn?t, I would expect 2,062.50 to.

The key for today will be to see if the S & P can reclaim the 2,140.62 level.

Pre open, the markets are set to open slightly to the downside.

Earnings season begins to pick up this week. We will hear from NFLX, GS, MS, and IBM, just to name a few companies reporting this week.

Continue to monitor the levels for entry points.

Here are the Key Levels for the Markets.

$VIX:

Major level - 18.75
Minor level - 17.96
Minor level - 16.41 *
Major level - 15.63 *
Minor level - 14.85
Minor level - 13.28
Major level - 12.50
Minor level - 11.72

The VIX has had two closes above 16.41, so a test of 18.75 should be the objective.

17.96 continues to offer resistance.

Minor support should be at 14.06.

$SPX:

Major level - 2,250.00
Minor level - 2,234.38
Minor level - 2,203.12
Major level - 2,187.50
Minor level - 2,171.88
Minor level - 2,140.62 *
Major level - 2,125.00 *
Minor level - 2,109.38
Minor level - 2,078.12
Major level - 2,062.50

2,125 should still be major support.? Minor level to watch is 2,132.80.

To move lower, the S & P 500 will need two closes under 2,109.38.? 2,148.40 should offer resistance.

QQQ:?

Major level - 121.88
Minor level - 121.10
Minor level - 119.53
Major level - 118.75 *
Minor level - 117.97 *
Minor level - 116.41 *
Major level - 115.63 *
Minor level - 114.84
Minor level - 113.28
Major level - 112.50

If the QQQ can close today above 116.41, it should try and retest 118.75.

114.84 should be minor support.? Resistance should be at 117.97.

TLT:?

Major level - 137.50
Minor level - 136.72
Minor level - 135.16
Major level - 134.38
Minor level - 133.60
Minor level - 132.03 *
Major level - 131.25 *
Minor level ? 130.46
Minor level ? 128.91
Major level ? 128.13

Resistance should be at 132.03. Two closes under 130.46 and the TLT should drop to 128.13. ?

GLD:

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 ? 117.97

121.8 should continue to offer resistance. Look for a move lower to possibly 112.? Higher levels should offer resistance.

XLE:

Major level - 75.00
Minor level - 74.22
Minor level - 72.66
Major level - 71.88
Minor level - 71.10
Minor level - 69.53 *
Major level - 68.75 *
Minor level - 67.96
Minor level - 66.41
Major level - 65.63

69.53 and 68.75 should offer support.

Objective should be for the XLE to retest 71.88.

FXY:

Major level: 96.88
Major level: 96.09
Major level: 95.31
Major level: 94.53 *
Major level: 93.75 *
Major level: 92.97
Major level: 92.19

Watch the 92.97 level. ?A close today under that level and the FXY could drop to 90.? Higher levels should offer resistance.

AAPL:

Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 100, 93.75, and 87.50.

Objective for Apple should be to 118.75. Apple continues to drift higher. Continue to buy against support.

WATCH LIST:

Bullish Stocks: NTES, ACN, AAPL, FANG, KS, ROST, MENT, DRI

Bearish Stocks:? REGN, AGN, BIDU, CLX, ANTM, CELG, DIS, VRTX, GILD, ESRX

Be sure to check earnings release dates.