Index Support and Resistance for Wednesday, 6/1/2016

 

  Below you will find the Index Support and Resistance for Wednesday, 6/1/2016 as calculated from the changes in Index points through Tuesday, 5/31/2016’s close.
The US markets were closed Monday for Memorial Day.  Tuesday was the last trading day of May.  Wednesday is the first day of trading in June 2016.  Only days away, a divided OPEC, divided between the haves and the have nots, has a meeting on production.  Saudia Arabia wants to stick it to high cost producers to maintain market share.  That plan has taken far longer to bear fruit than Saudi Arabia and the rest of OPEC hoped.  IMHO, Saudi Arabia also has an additional hidden agenda of sticking it to its long term nemisis Iran …. which hasn’t worked.
   Simply, crude buyers, especially the EU and China are happily taking every drop of Iranian, and any other crude they can get their hands on.  Amazing, in a near zero interest, even negative interest,  rate environment, analysts and the press can’t seem to grasp why buyers are buying, building more storage, buying crude, taking possession, transporting, and loading crude into storage.   The USA is even now exporting crude.  The press was/is talking “glut” and “filling storage to tank tops” while nary a peep on production outages … or my pet peeves, missing production reports, and production reports that can’t be confirmed with second sources.   As far as the USA is concerned, the US EIA has been reporting commercial crude supplies above the historical norm  of 33 to 36 days of supply.  When you are exporting crude and refined petroleum products … 33 to 36 days of supply is NOT a glut.  The global economy will get back on track.  Global demand for refined petroleum products will grow with that economic recovery and crude demand will exceed production forcing on hand supplies to be drawn down to make up the shortfall … until the Exploration and Production companies are in a financial position to increase spending on drilling and completing new wells.   OPEC’s strategy has curtailed cap-ex spending so, in as little as a year we could see that we are seriously behind where we NEED to be …  in a world of declining crude production.

Index chart 201605131
 Index performance Tuesday, 5/31/2016

  • Dow Jones    17,787.20  -86.02  (-0.48%)    (chart: blue)
  • Nasdaq  …..   4,948.06  +14.55  (+0.29%)    (chart: gold)
  • S&P 500  ..     2,096.96    -2.10   (-0.10%)    (chart: red )
  •   ——————————————-
  • Rus 1k (RUI)    1,160.95   -0.76  (-0.07%)
  • Rus 2k (RUT)   1,154.79   +4.34  (+0.38%)
  • Rus 3k (RUA)   1,236.22   -0.40  (-0.03%)
  • CBOE (TNX)           18.34   -0.17  (-0.92%)
  • Volatility(VIX)      14.19   +1.07  (+8.16%)
 I. a. Select stocks of interest, from Tuesday, 5/31/2016
  • AAPL …  99.86  -0.49 (-0.49%)   After Hours: 99.95 +0.09 (+0.09%)
  • C ……  46.57  -0.01 (-0.02%)   After Hours: 46.61 +0.04 (+0.09%)
  • CHK ….   4.29  +0.13 (+3.13%)   After Hours:  4.32 +0.03 (+0.70%)
  • FH …..   1.83  -0.01 (-0.54%)
  • GE …..  30.21  +0.09 (+0.30%)   After Hours: 30.25 +0.04 (+0.13%)
  • JCP ….   7.80  -0.06 (-0.76%)   After Hours:  7.87 +0.07 (+0.90%)
  • MPC ….  34.83  -0.28 (-0.80%)   After Hours: 34.75 -0.08 (-0.22%)
  • MU …..  12.72  +0.41 (+3.33%)   After Hours: 12.74 +0.02 (+0.16%)
  • VZ …..  50.89  +0.27 (+0.53%)
 I. b. Sector summary from Tuesday, 5/31/2016
Sector Change +/-% (best (or least worst) to worst)
  • Utilities ………………………………… +0.40%
  • Technology ……………………………. +0.32%
  • Telecommunications Srvcs ………… +0.29%
  • Healthcare …………………………….. +0.09%
  • Cyclical Cons. Goods ………………… +0.02%
  • Industrials ……………………… -0.06%
  • Non-Cyclical Cons. Goods ….. -0.30%
  • Financials ………………………. -0.52%
  • Basic Materials ………………… -0.48%
  • Energy ………………………….. -0.60%
 II. Bonds, and/or Currencies, and/or Commodities from Tuesday, 5/31/2016
  II. a.  USA  Bonds
  • 3 Month  0.28%  -0.03 (-9.68%)
  • 6 Month  0.45%  -0.02 (-4.26%)
  •  2 Year  0.88%  -0.04 (-4.35%)
  •  5 Year  1.38%  -0.04 (-2.82%)
  • 10 Year  1.85%  -0.04 (-2.12%)
  • 30 Year  2.65%  -0.04 (-1.49%)
  II. b.  Currencies
  • AUD/USD  0.7274  +0.0039 (0.54%)
  • EUR/USD  1.1120  -0.0014 (-0.12%)
  • GBP/USD  1.4482  -0.0001 (-0.01%)
  • USD/CAD  1.3071  -0.0006 (-0.04%)
  • USD/CNY  6.5960  +0.0146 (0.22%)
  • USD/HKD  7.7704  +0.0014 (0.02%)
  • USD/JPY  110.6910  +0.0260 (0.02%)
 II. c.    US Energy Information Administration   (US EIA)

For both Bulls and Bears:

current XLE quote (Reuters) and more

Related previous XLE analysis:

 III.  Index Support and Resistance for Wednesday, 6/1/2016

 Below you will find the 52 week performance, and the Year-to-Date (YTD) performance to the selected indexes.  See Section V.  Index: 52week High,  52week Low, (Close 12/31/2015) to track changes in this info.  See the 200 day simple moving average (SMA) calculations added to those of the CBOE Interest Rate 10 Year T Note (INDEX CBOE: TNX).  For tracking the day’s action, here are the Pivot Points, Support points, Resistance points,  and the 50 day simple moving averages (sma),  for the DJIA, the NasdaqComp, the S&P 500, the Russell’s 1000, 2000, 3000, the CBOE Interest Rate 10 Year T Note (INDEX CBOE: TNX), as well as the Volatility Index (VIX) for the S&P500.
:: If the related index, or stock, is above the pivot point, the pivot point is both support, and an indication that Mr. & Ms. Fickle Markets are Bullish.
:: If the related Index, or stock, is below the pivot point, then the pivot point represents resistance, as well as an indication that Mr. & Ms. Fickle Markets are Bearish.
:: Please Note: ALL projections are for reference only as they can be easily exceeded, up or down, by Mr. & Ms. Fickle Markets.
     –   –   –   –           –   –   –   –
( 1) For the DJIA (INDEX DJX: .DJI) (ETF: DIA)
Closed 5/31 down  @  17,787.20  -86.02  (-0.48%)
:: Closed   (below 5/31 PP)  (below 6/1 PP)
  •   :: Pivot point (PP)   17803.49
  •   Support (s1)  17707.74       Support (s2)   17628.28
  •   Resistance (r1)   17882.95   Resistance (r2)   17978.70
  •   Simple Moving Average (Close 50):    17741.31       (uptrend  3/16)
  •   52 week performance  -1.40%  YTD performance  +2.08%
( 2) For the Nasdaq Comp (INDEX NASDAQ: .IXIC) (ETF: QQQ)
Closed 5/31 up  @    4,948.06  +14.55  (+0.29%)
:: Closed   (above 5/31 PP)  (above 6/1 PP)
  •   :: Pivot point (PP)  4940.84
  •   Support (s1)   4930.24      Support (s2)  4912.42
  •   Resistance (r1)  4958.66    Resistance (r2)  4969.26
  •   Simple Moving Average (Close 50):  4836.28          (uptrend  3/21)
  •   52 week performance  -2.53%   YTD performance  -1.19%
( 3) For the S&P 500 (INDEX SP: .INX) (ETF: SPY)
Closed 5/31 down  @   2,096.96   -2.10  (-0.10%)
:: Closed   (above 5/31 PP)  (above 6/1 PP)
  •   :: Pivot point (PP)  2096.37
  •   Support (s1)  2089.25        Support (s2)  2081.55
  •   Resistance (r1)  2104.07     Resistance (r2)  2111.19
  •   Simple Moving Average (Close 50):  2067.05         (uptrend  3/16)
  •   52 week performance  -0.60%  YTD performance  +2.59%
( 4) For the Russell 1000 (INDEX RUSSELL: RUI) (ETF: IWD)
Closed 5/31 down  @  1,160.95   -0.76  (-0.07%)
:: Closed   (above 5/31 PP)  (above 6/1 PP)
  •   :: Pivot point (PP)   1160.60
  •   Support (s1)  1156.77      Support (s2)  1152.60
  •   Resistance (r1)  1164.77   Resistance (r2)  1168.60
  •   Simple Moving Average (Close 50):  1143.39          (uptrend  3/16)
  •   52 week performance  -1.53%  YTD performance  +2.57%
( 5) For the Russell 2000 (INDEX RUSSELL: RUT) (ETF: IWM)
Closed 5/31 up  @  1,154.79   +4.34  (+0.38%)
:: Closed   (above 5/31 PP)  (above 6/1 PP)
  •   :: Pivot point (PP)  1154.70
  •   Support (s1)   1150.43      Support (s2)   1146.07
  •   Resistance (r1)  1159.06    Resistance (r2)  1163.33
  •   Simple Moving Average (Close 50):  1118.44          (uptrend  3/18)
  •   52 week performance  -7.75%   YTD performance   +1.66%
( 6) For the Russell 3000 (INDEX RUSSELL: RUA)
Closed 5/31 down   @  1,236.22   -0.40  (-0.03%)
:: Closed   (above 5/31 PP)  (above 6/1 PP)
  •   :: Pivot point (PP)   1235.75
  •   Support (s1)   1231.88     Support (s2)  1227.53
  •   Resistance (r1)  1240.10   Resistance (r2)  1243.97
  •   Simple Moving Average (Close 50):   1215.21          (uptrend  3/16)
  •   52 week performance   -2.25%    YTD performance  +2.50%
( 7) For the CBOE Interest Rate 10 Year T Note (INDEX CBOE: TNX)
Closed 5/31 down  @   18.34   -0.17  (-0.92%)
:: Closed   (below 5/31 PP)  (below 6/1 PP)
  •   :: Pivot point (PP)    18.53
  •   Support (s1)    18.15      Support (s2)  17.97
  •   Resistance (r1)  18.71     Resistance (r2)  19.09
  •   Simple Moving Average (Close 50):  18.13          (downtrend  5/12)
  •   Simple Moving Average (Close 200)  20.43
  •   :: Close (101 days) above/below (+/-) sma200  (-2.086) (-10.214%)
  •   :: 52 week performance  -19.06%   YTD performance -19.17%
( 8) For the Volatility S&P500 (INDEX CBOE: VIX)
Closed 5/31 up   @  14.19   +1.07  (+8.16%)
:: Closed  (above 5/31 PP)  (below 6/1 PP)
  •   :: Pivot point (PP)    14.21
  •   Support (s1)    13.43      Support (s2)   12.66
  •   Resistance (r1)  14.98     Resistance (r2)  15.76
  •   Simple Moving Average (Close 50):  14.54         (downtrend)
  •   :: 52 week performance   +3.88%   YTD performance  -22.08%
  •     –   –   –   –           –   –   –   –
 IV.  Index “projected” Highs and Lows for Wednesday, 6/1/2016
  • Index,  :: Projected High,  Projected Low
  •   Dow Jones …. 17843.22  …  17668.01
  •     Nasdaq……..  4963.96  …   4935.54
  •   S&P 500 ……  2100.22  …   2085.40
  •   Russell 1000 .  1162.69  …   1154.69
  •   Russell 2000 .  1161.20  …   1152.57
  •   Russell 3000 .  1237.93  …   1229.71
  •   CBOE TNX ……   18.62  …     18.06
  •   Volatility …    15.37  …     13.82
 V.  Index: 52week High,  52week Low, (Close 12/31/15)
  • Dow Jones ..  18188.81 ..  15370.33 .. (17425.03)  n/c
  • Nasdaq …..   5231.94 ..   4209.76 ..  (5007.41)  n/c
  • S&P 500 ….   2132.82 ..   1810.10 ..  (2043.94)  n/c
  •   ——————————————-
  • Rus 1k (RUI)   1189.88 ..    995.55 ..  (1069.65)  n/c
  • Rus 2k (RUT)   1296.00 ..    943.10 ..  (1135.89)  n/c
  • Rus 3k (RUA)   1275.89 ..   1056.45 ..  (1206.10)  n/c
  • CBOE (TNX) ….. 24.89 …    15.67  ..   (22.69)  n/c
  • Volatility(VIX)  53.29 …    10.88  ..   (18.21)  n/c
  •    —     —     —     —     —     —
  •     n/c* = no change  c-* = changed lower
—–  Monday, 5/30/2016 thru Friday 6/3/2016  ——-

 

( x)   All Links can be opened in a new tab or new window …

  •  ( xi )  I will be returning and adding more related chart info including links to charts with  daily, weekly, and monthly chart analysis

 

Please read:

 (1)  Research and Investing Disclaimer

 (2)  Investing and Trading

    It’s Black Friday for OPEC

 

[ More  Blogs ]

 

Hope the above Index Support and Resistance calculations for Wednesday, 6/1/2016  help your investing and trading planning today …

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