I trust and hope you had a wonderful holiday weekend. For me, Labor Day brings extra celebration as my birthday typically falls on it.? And this year was no exception.
It also marks the end of the summer season and we got lucky with the tropical storm Hermine heading out to sea.
The market gapped up Friday after the release of the Non Farm Payroll and closed at 2,179.98, up 9.12
for the day.
The high for the day was within 3 points of the major 2,187.50 level.
Movement after lunch was slow, as anticipated.
For the week, the market closed up 10.94. So, most of the move for the week happened on Friday.
At this point, I would expect the 2,187.50 level to act as resistance.? It will need to be cleared for this market to head higher.
A failure to get through this level and a pullback should be in the making.? It seems like I continue to repeat this mantra, but for about two months now, the market has traded just under this level.
The next level to the upside is 2,250.? And the market will need two closes above 2,203.12 to head to that level.
Based on last week's weekly price bar, support should be at 2,170.98 and 2,175.? Also, expect the minor 2,171.88 level to offer support.
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
The VIX gapped down Friday and topped out at 12.98 and closed at 11.98.? It closed down 11.1% on the day.
Expect resistance at 12.50 and 13.28.
11.72 is the level the VIX will need to violate to head lower.? It should act as 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
Support should be at 2,171.88 and 2,175.80.
2,183.60 should be minor resistance.? If the S & P 500 can take out 2,187.50, I would expect resistance at 2,195.30.
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 objective for the QQQ should be to 118.75.
Minor support should be at 116.80.? 117.58 should be minor resistance.? If the QQQ can clear 117.58, look for the move up to 118.75.
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 continues to bounce between the 140.63 and 137.50 levels.? Friday, it closed down 1.14, at 138.63.
A close today under the minor 138.67 level and the TLT should drop to 137.50.? If the TLT reclaims 138.67, expect a move up to 140.63. Objective should still be to 140.63.
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
A close today above 125.78 and the GLD should retest 128.13.
125.78 should be minor support.? Also, expect 125 to offer 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
The XLE did retest the 68.36 level, as expected. It closed at 69.08 on Friday.
Minor resistance is at 69.14. If the XLE clears this level, look for a move up to 70.31.
Support should be at 68.75 and 68.95.
FXY:
Major level: 94.53
Major level: 93.75
Major level: 92.97 **
Major level: 92.19
The FXY had it's first close under 92.97 on Friday.? A close today under that level and expect a move down to the 91 area.
93.75 should act as resistance.
Short term support is at 92.19.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple closed just under the 107.81 level. at 107.73.
Two closes above 107.81 and Apple should move up to 112.50.
Apple is very close to moving into an uptrend on the daily chart.? When that happens, we will look for
long entries.
Watch list:
Bullish Stocks: NTES, BIDU, DPZ, FB, SWK, PX, ECL, EW, AGU, BABA, DXCM, YUM, WDAY, SINA, ANET
Bearish Stocks:? REGN, BA, ANTM, CELG, GILD, LLY, DDS, BLUE, UA, FOSL, WDR
?
Be sure to check earnings release dates.
