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SPY

SPDR S&P 500 ETF Trust

$215.23

-0.55 (-0.25%)

, SPX

S&P 500

$2,155.12

-5.65 (-0.26%)

14:05
10/07/16
10/07
14:05
10/07/16
14:05

On The Fly: Weekly technical notes for S&P 500

There has been no challenge to the ranges that have been noted here for many weeks. At time of writing there was a brief break in the S&P 500 (SPX) below 2150, but that dip was quickly bought. Price is now migrating slowly back toward 2160, which is the midpoint of the range between 2140 and 2180 that the index has settled into. The week saw the Financials (XLF) do better on the prospects of a rate hike being nearer on the horizon than traders had previously thought. Countering that move higher was weakness in Energy (XLE), Utilities (XLU), the Industrials (XLI), and Consumer Staples (XLP). As the market heads into a slow start of Q3 earnings season next week, it is quite possible the ranges will expand. The counterpoint at the moment keeping the indexes inline is the uncertainty surrounding the election. That may matter less depending on the weakness or strength of names reporting. Another factor to watch is the relative weakness in Gold and Gold Miners. While that has a relatively modest drag on the index itself, it may speak volumes about the health of speculation. Gold Miners in particular have been a winning trade for the bulk of this year, but that is now at some risk of turning into a losing bet. Souring in one corner of the market where funds have been most active could have a strong follow-on effect. Equally, a strong recovery could help lift speculative spirits.

SPY

SPDR S&P 500 ETF Trust

$215.23

-0.55 (-0.25%)

SPX

S&P 500

$2,155.12

-5.65 (-0.26%)

XLF

Financial Select Sector

$19.61

-0.02 (-0.10%)

XLE

Energy Select Sector SPDR

$70.92

-0.1 (-0.14%)

XLU

Utilities SPDR

$47.32

0.14 (0.30%)

XLI

Industrial Select Sector SPDR

$57.64

-0.675 (-1.16%)

XLP

Consumer Staples Sector SPDR

$52.28

-0.194 (-0.37%)

GLD

SPDR Gold Trust

$119.63

-0.035 (-0.03%)

GDX

Market Vector Gold Miners

$23.31

0.465 (2.04%)

SPY SPDR S&P 500 ETF Trust
$215.23

-0.55 (-0.25%)

08/01/16
GSCO
08/01/16
NO CHANGE
GSCO
Equities downgraded to Underweight over 3 months at Goldman
Goldman analyst led by Christian Mueller-Glissmann downgraded tactically to Underweight over 3 months, but remain Neutral over 12 months, and remains Overweight cash and would look for a reset lower in equities to add positions. The analyst said equities remain expensive and earnings growth is poor, in said equities are now just at the upper end of their 'fat and flat' range.
SPX S&P 500
$2,155.12

-5.65 (-0.26%)

05/18/16
05/18/16
NO CHANGE

Goldman downgrades Equities to Neutral
Goldman Portfolio Strategy Research analysts led by Christian Mueller-Glissmann downgraded equities to Neutral over 12 months on growth and valuation concerns. Equities do not look attractive until earnings growth can be sustained, the analyst wrote in a report. He expects a stronger dollar and the prospect of less negative equity/foreign exchange correlations and remains Overweight cash on a 3-month basis given higher cross-asset volatility.
09/06/16
MSCO
09/06/16
NO CHANGE
MSCO
S&P 500 price target raised to 2,300 from 2,200 at Morgan Stanley
Morgan Stanley analysts led by Adam Parker raised its 12 month price target on the S&P 500 to 2,300 from 2,200, bull case to 2,500 from 2,400, and bear case to 1,800 from 1,600.
XLF Financial Select Sector
$19.61

-0.02 (-0.10%)

XLE Energy Select Sector SPDR
$70.92

-0.1 (-0.14%)

XLU Utilities SPDR
$47.32

0.14 (0.30%)

XLI Industrial Select Sector SPDR
$57.64

-0.675 (-1.16%)

XLP Consumer Staples Sector SPDR
$52.28

-0.194 (-0.37%)

GLD SPDR Gold Trust
$119.63

-0.035 (-0.03%)

GDX Market Vector Gold Miners
$23.31

0.465 (2.04%)

TODAY'S FREE FLY STORIES

WBC

Wabco

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3.9 (2.73%)

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ADBE

Adobe

$156.60

0.83 (0.53%)

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  • 22

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AAN

Aaron's

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BBBY

Bed Bath & Beyond

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-0.27 (-0.99%)

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GIS

General Mills

$55.38

-1.05 (-1.86%)

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  • 20

    Sep

RSX

Market Vectors Russia ETF

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0.08 (0.37%)

, TQQQ

ProShares UltraPro QQQ

$115.32

0.49 (0.43%)

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RSX

Market Vectors Russia ETF

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TQQQ

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IYR

DJ US Real Estate Index Fund

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CHK

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-0.01 (-0.25%)

SMH

Market Vectors Semiconductor

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0.24 (0.26%)

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FDX

FedEx

$216.00

0.92 (0.43%)

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Technical Analysis
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  • 21

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GEMP

Gemphire Therapeutics

$9.65

0.54 (5.93%)

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  • 25

    Sep

FDX

FedEx

$216.00

0.92 (0.43%)

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FedEx analyst commentary  »

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  • 21

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GIS

General Mills

$55.38

-1.05 (-1.86%)

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Hot Stocks
General Mills says expects FY18 tax rate 'in-line' with FY17 »

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  • 20

    Sep

NVS

Novartis

$85.85

0.74 (0.87%)

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  • 22

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BABA

Alibaba

$180.07

0.09 (0.05%)

, AAPL

Apple

$158.73

0.06 (0.04%)

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BABA

Alibaba

$180.07

0.09 (0.05%)

AAPL

Apple

$158.73

0.06 (0.04%)

MA

MasterCard

$142.49

1.09 (0.77%)

UL

Unilever; also tag UN

$59.14

-0.09 (-0.15%)

PEP

PepsiCo

$114.49

-0.5 (-0.43%)

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  • 20

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CSOD

Cornerstone OnDemand

$39.71

-0.61 (-1.51%)

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Cornerstone OnDemand analyst commentary  »

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  • 25

    Sep

GIS

General Mills

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General Mills says expects margin headwinds to lessen during remainder of FY18 »

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  • 20

    Sep

GM

General Motors

$38.70

0.11 (0.29%)

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General Motors analyst commentary  »

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CGI

Celadon Group

$6.50

-0.05 (-0.76%)

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ALIOF

Actelion

08:35
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Conference/Events
Actelion has a conference call hosted by JPMorgan »

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  • 21

    Sep

BBBY

Bed Bath & Beyond

$27.03

-0.27 (-0.99%)

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AMP

Ameriprise

$141.23

0.37 (0.26%)

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MEET

Meet Group

$3.84

-0.09 (-2.29%)

08:33
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Meet Group to acquire social dating app LOVOO for $70M in cash »

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ECL

Ecolab

$130.74

0.21 (0.16%)

08:31
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SR

Spire

$75.35

-0.05 (-0.07%)

, MC

Moelis

$41.35

0.6 (1.47%)

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American Gas Association to hold a forum »

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SR

Spire

$75.35

-0.05 (-0.07%)

MC

Moelis

$41.35

0.6 (1.47%)

ATO

Atmos Energy

$85.93

-0.57 (-0.66%)

CPK

Chesapeake Utilities

$77.40

-1.65 (-2.09%)

ED

Consolidated Edison

$83.41

-0.16 (-0.19%)

ES

Eversource

$61.77

0.08 (0.13%)

NI

NiSource

$26.40

-0.14 (-0.53%)

NWN

Northwest Natural Gas

$65.85

-0.3 (-0.45%)

OGS

ONE Gas

$74.60

-0.11 (-0.15%)

SJI

South Jersey Industries

$35.14

-0.28 (-0.79%)

UGI

UGI Corporation

$47.74

-0.17 (-0.35%)

VVC

Vectren

$66.00

-0.35 (-0.53%)

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  • 20

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    Nov

SCVL

Shoe Carnival

08:31
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Upgrade
Shoe Carnival rating change  »

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  • 28

    Sep

KSS

Kohl's

$45.38

0.49 (1.09%)

, AMZN

Amazon.com

$969.86

-4.33 (-0.44%)

08:30
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Kohl's

$45.38

0.49 (1.09%)

AMZN

Amazon.com

$969.86

-4.33 (-0.44%)

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  • 22

    Oct

  • 09

    Nov

MORE

Monogram Residential Trust

08:30
09/20/17
09/20
08:30
09/20/17
08:30
Options
One option delisting on September 20th »

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