50-Day MA’s Back in Play

NextOptions.com Index and Earnings Options Play List for 4/16/2018

50-Day MA’s Back in Play

8:00am (EST)

The market started the week with strong gains as traders shrugged off the air strikes on Syria over the weekend and instead, focused on the earnings season, which will pick up in earnest this week. Volatility continues to subside with the major indexes making a strong run towards key resistance levels.

The Russell 2000 closed higher for the fifth-time in six sessions after rallying 0.9% while making a late session run to 1,566. The Dow also gained 0.9% after testing a high to 24,675 to clear its 50-day moving average but a level that failed to hold into the close.

The S&P 500 added 0.8% after trading to an intraday high of 2,686 while falling a half-point shy of clearing its 50-day moving average. The Nasdaq was higher by 0.7% after reaching an intraday peak of 7,178 but fell shy of challenging its 50-day moving average just south of the 7,200 level.

Utilities jumped 1.4% and Materials soared 1.3% to led sector strength. Consumer Staples were up 1.1% while Energy and Industrials rose 1%. There were no sectors that closed in the red.

The S&P 500 Volatility Index ($VIX) fell for the fifth-straight session after testing a low of 16.38. Fresh support at 16.50-15 held with a close below the latter being a continued bullish development. Lowered resistance is at 17-17.50 followed by 19.50-20.

The Spiders Dow Jones Industrial Average ETF (DIA) traded to a high of $246.67 while clearing, but failing to hold, its 50-day moving average for the first time since early March. Near-term resistance is at $247-$247.50 with continued closes above the latter being a bullish development. Support is at $245-$244.50 following the slight breakout of last week’s mini-trading range. A close below $242.50 would signal a possible short-term top.

RSI is back in slight uptrend after clearing resistance at 50. Continued closes above this level could lead to a possible run towards 60 and late February highs. Support is at 45-40 on a close back below 50.

The Spider S&P Retail ETF (XRT) has traded in a tight range between $44.50-$45.25 following the strong move off the $43 level earlier this month. Today's high tapped $45.15 with continued closes above $45.25-$45.50 being a bullish signal. Support is at $44.50-$44 with a move below the latter likely signaling additional weakness.

RSI is holding 50 with multi-month resistance at 55. A move above this level would be a bullish development for a possible run towards 60 and prior support from January. Current support is at 45-40 on a close back below 50.

Celanese (CE), First Defiance Financial (FDEF), Lakeland Industries (LAKE), Netflix (NFLX), Pinnacle Financial Partners (PNFP), SeaChange International (SEAC), Wintrust Financial (WTFC) reported earnings after Monday’s closing bell.

Comerica (CMA), Goldman Sachs (GS), Johnson & Johnson (JNJ), Mellanox Technologies (MLNX), Mercantile Bank (MBWM), Northern Trust (NTRS), Omnicom (OMC), Progressive (PGR), Prologis (PLD), UnitedHealth Group (UNH) are announcing numbers this morning. 

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+400% Spider Dow Jones February 250 puts (February 2018)

+400% PowerShares QQQ February 162 puts (February 2018)

+300% Intel February 47 calls (January 2018)

+191% Sony February 48 calls (January 2018)

+133% Progenics Pharmaceuticals May 8 calls (March 2018)

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Viavi Systems (VIAV, $10.04, down $0.31)

VIAV June 10 calls (VIAV180615C00010000, $0.55, down $0.20)

Entry Price: $0.50 (3/26/2018)

Exit Target: $1.00

Return: 10%

Stop Target: 55 cents (Stop Limit)

Action: The Stop Limit at 55 cents tripped on yesterday’s pullback.

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RadNet (RDNT, $14.35, up $0.25)

RDNT June 15 calls (RDNT180615C00015000, $0.60, up $0.10)

Entry Price: $0.45 (4/10/2018)

Exit Target: $0.90

Return: 33%

Stop Target: None

Action: Resistance is at $14.50. Support is at $14.

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Energous (WATT, $19.99, up $1.81)

WATT May 17.50 calls (WATT180518C00017500, $2.80, up $1.20)

Entry Price: $1.15 (4/10/2018)

Exit Target: $2.30

Return: 143%

Stop Target: $1.15 (Stop Limit)

Action: Fresh resistance is at $20.50-$21. Rising support is at $19.50-$19.

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Upcoming Earnings

Tuesday 

After the close: Adtran (ADTN), Badger Meter (BMI), CSX (CSX), Fulton Financial (FULT), Hancock Holding (HBHC), Interactive Brokers (IBKR), International Business Machines (IBM), Intuitive Surgical (ISRG), Lam Research (LRCX), United Continental (UAL), WesBanco (WSBC)

Wednesday

Before the open: Before the open: Abbott Laboratories (ABT), Fred’s (FRED), Morgan Stanley (MS), QCR Holdings (QCRH), Texteon (TXT)

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VIX Holding 20

The S&P 500 Volatility Index ($VIX) traded in negative territory throughout the session with the low reaching 20.24. Support at 20-19.50 and the 50-day moving average held for a 3rd-straight session. Lowered resistance is now at 21.50-22 with a close above 22.50 being a slightly bearish development.