The S & P 500 managed to hit the objective we have been calling for, which is 2,187.50.? Yesterday's high was 2,187.87, 37 cents above the level.
However, the S & P 500 closed at 2,186.16, just 34 cents under the price objective.
As you know,? I consider two closes above a level to be a violation of that level.
The S & P is trading slightly to the upside, so perhaps today we shall see a close above 2,187.50.
Bias remains bullish until there is price action that would indicate a move lower.
Watch the VIX for signs of a bullish reversal as this would be the indication that profit may come in.
Continue to follow the levels.
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
Yesterday's low was 11.77, just 5 cents above the 11.72 level.
Watch this level today.? If the VIX gets under 11.72, expect 12.50 to be resistance.
13.67 should still be minor resistance.
The VIX is oversold, but it may bounce around these levels for a while.
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
Still looking for two closes above 2,187.50.
The fact that it appears that the S & P 500 cannot get through 2,187.50 makes me believe it will.
I know this sounds rather confusing, but as a contrarian, often it appears that price is ready to stall before it takes off.
The advantage you have is that you know the succinct price levels where the market could stall. And what price action is required to move higher or lower.
2,179.70 should also be a minor support level, along with 2,175.
Minor 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 and the QQQ is inching up to it.
117.58 should offer support.? And expect minor support at 118.36.
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 the 137.50 levels.? Yesterday, the TLT bounced up to 140.42 and closed at 139.54.
Minor support is at 139.45 and minor resistance 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
128.91 is acting as resistance.
128.13 should be minor support.? Minor resistance should be at 129.69.
The main level at this point is 131.25.? If the GLD cannot get through 131.25 on this drive, I would expect a deep pullback.
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 is inching up to the 71.88 level, closing at 70.52.
71.10 should now be minor support.?
FXY:
Major level: 96.09
Major level: 95.31
Major level: 94.53
Major level: 93.75 **
Major level: 92.97
Major level: 92.19
The FXY came within 4 cents of the 95.31 level.
Major support should be at 93.75.? And minor support is at 94.53.
Apple:
Major levels for Apple are 112.50, 106.25, 100, 93.75, and 87.50.
Apple closed above 107.81, at 108.36.? A close today above 107.81 and the objective should be 112.50.
Apple continues to inch up to an uptrend formation on it's daily chart.? Opportunity will exist when that
happens.
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.
