The non farm payroll will be released at 8:30 AM this morning.
With Monday a national holiday and the markets closed, I would expect most of the market movement to happen before noon.? Expect trading to slow down after lunch.
You should have closed out the short calls on ETE yesterday, booking a profit.
The S & P 500 closed yesterday at 2,170.86.? This was the second day closing under 2,171.88.
In addition, the VIX had it's second day closing above 13.28.
Based on this, I have a bearish bias with an objective down to 2,125.
2,171.90 is a level to watch today.? An open above that level and expect it to act as support.
At the moment, the S & P 500 and the QQQ are diverging.? This is quite rare and usually never happens.
Starting today, I have added the levels for the FXY.
Enjoy your long weekend!
Here are the key levels for the markets.
VIX:
Minor level - 17.96
Major level - 15.63 **
Minor level - 14.85
Minor level - 13.28 *
Major level - 12.50 *
Minor level - 11.72
Minor level - 10.15
Major level - 9.38
Objective should be to 15.63.? 13.28 should offer support.
An open under 13.28, expect it to be resistance.
The 12.50 level should be major support.
S & P 500 Cash Index:?
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
Objective should be to 2,125.? Short term resistance should be at 2,183.60 and 2,179.70.
Short term support should be at 2,168.
Nasd 100 (QQQ):?
Major level - 121.88
Minor level - 120.31
Minor level - 119.53
Major level - 118.75 *
Minor level - 117.97 *
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.85
Minor level - 113.28
Major level - 112.50
The QQQ did close above 116.41 yesterday.? It closed at 116.74.
This should mean that a retest of 118.75 would be expected.
This is a divergence with the S & P 500.
116.41 should offer minor support.? Resistance should still be around 117.
TLT:?
Major level - 143.75
Minor level - 142.96
Minor level - 141.41
Major level - 140.63
Minor level - 139.85
Minor level - 138.28 *
Major level - 137.50
Minor level - 136.72
Major level - 134.38
The TLT closed down for the day 10 cents, but well above it's lows.
Objective should still be to 140.63.
Minor support should be at 139.06.? Minor resistance is at 140.23.
GLD:
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
Minor level - 124.22
The GLD reversed and closed at 125.29.
To move up to 128.13, the GLD will need two closes above 125.78.
125.78 should be minor resistance.? 125 should be support.
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
Minor level - 64.85
A close under 68.36 and the XLE should drop to 67.
At this point, a retest of 68.75 should be the objective.
FXY:
Major level: 94.53
Major level: 93.75
Major level: 92.97
Major level: 92.19
93.75 should offer resistance at this point.
Two closes under 92.97 and the expect the FXY to drop to the 90 area.
Short term support is at 92.58.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple held the 106.25 level.? 107.81 is the next level. Two closes above 107.81 and Apple should move up
to 112.50.
I mentioned a key short term level at 105.47.?? Yesterday's low was 105.62.
Watch list:
Bullish Stocks: NTES, AVGO, XEC, ADBE, KSU, NSC, URI, VMW, AMBA, ADSK, DFS, EGN, CLR, CCE, NCR
Bearish Stocks:? AGN, EXPE, LLY, IAC, TEVA, AN, ALKS, FSLR, CAR, OMI, SCTY
?Be sure to check earnings release dates.
