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SPY

SPDR S&P 500 ETF Trust

$213.32

0.31 (0.15%)

, SPX

S&P 500

$2,135.60

3.05 (0.14%)

14:27
10/14/16
10/14
14:27
10/14/16
14:27

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

For a moment this week it appeared likely that the range that persisted through the summer was about to change. The S&P 500 (SPX) did break below not only 2140 but also 2130, though that dip was immediately bought without the bears intervening to push more aggressively lower. This mean-reverting behavior is not conducive to breakouts or breakdowns as we have seen now nearly countless times over several months. At time of writing the index is back near 2140. A move to that level or slightly higher would see the bulls potentially back in charge next week, with a large proviso. We have not even begun yet to see earnings flows. We may well be in a very different technical situation as Q3 earning season heats up in the next several weeks. The ranges for now remain as they were, with another subtle shift. At or above 2140, the range is 2140 to 2180. Below 2140, it becomes 2130 to 2100. We may have something of a DMZ between 2140 to 2130 itself where we may see more price pivots and uncertainty. A break below 2100, which had been long-run resistance this year, would be the decisive factor for the trend to turn bearish. Similarly the bulls would need to commit to 2200 and higher as an objective on the upside to turn the trend to bullish from neutral.

SPY

SPDR S&P 500 ETF Trust

$213.32

0.31 (0.15%)

SPX

S&P 500

$2,135.60

3.05 (0.14%)

SPY SPDR S&P 500 ETF Trust
$213.32

0.31 (0.15%)

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
$2,135.60

3.05 (0.14%)

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.

TODAY'S FREE FLY STORIES

NFG

National Fuel

$56.53

0.16 (0.28%)

11:22
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National Fuel management to meet with Jefferies »

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NFG

National Fuel

$56.53

0.16 (0.28%)

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National Fuel management to meet with Evercore ISI »

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FN

Fabrinet

$42.84

2.82 (7.05%)

, AAOI

Applied Optoelectronics

$65.87

2.29 (3.60%)

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AAOI

Applied Optoelectronics

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MTSI

MACOM

$58.26

1.76 (3.12%)

AMZN

Amazon.com

$1,003.74

2.44 (0.24%)

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ADNT

Adient

$64.75

0.62 (0.97%)

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Conference/Events
Adient to hold a meeting »

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ORCL

Oracle

$51.32

0.37 (0.73%)

, BAC

Bank of America

$22.83

0.0134 (0.06%)

11:17
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Periodicals
Oracle signs BofA as customer for ERP, financial planning software, CNBC says »

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ORCL

Oracle

$51.32

0.37 (0.73%)

BAC

Bank of America

$22.83

0.0134 (0.06%)

SAP

SAP

$107.12

-0.36 (-0.33%)

AMZN

Amazon.com

$1,003.74

2.44 (0.24%)

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$NSD

NASDAQ Market Internals

11:17
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Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

11:16
06/26/17
06/26
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Technical Analysis
NYSE market internals summary »

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11:15
06/26/17
06/26
11:15
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General news
Treasury announced a $40 4-week bill sale for Tuesday »

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Breaking General news story  »

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ARNC

Arconic

$23.86

-1.68 (-6.58%)

11:12
06/26/17
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Periodicals
Arconic discontinuing global Reynobond PE sales for high-rise uses »

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ARNC

Arconic

$23.99

-1.55 (-6.07%)

11:10
06/26/17
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11:10
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Periodicals
Breaking Periodicals news story on Arconic »

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RAD

Rite Aid

$3.11

-0.005 (-0.16%)

, WBA

Walgreens Boots Alliance

$76.34

-0.03 (-0.04%)

11:10
06/26/17
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11:10
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Hot Stocks
Rite Aid jumps after CTFN publishes report »

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RAD

Rite Aid

$3.11

-0.005 (-0.16%)

WBA

Walgreens Boots Alliance

$76.34

-0.03 (-0.04%)

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    Jun

CAR

Avis Budget

$24.24

1.23 (5.35%)

11:10
06/26/17
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Options
Higher volume in Avis fueled by talk about a deal with Google (GOOG) »

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PODD

Insulet

$49.38

0.58 (1.19%)

11:05
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Insulet participates in a conference call with Leerink »

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BA

Boeing

$202.32

0.09 (0.04%)

, RYAAY

Ryanair

$109.06

-0.22 (-0.20%)

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Boeing reports 153 new orders since last update »

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Boeing

$202.32

0.09 (0.04%)

RYAAY

Ryanair

$109.06

-0.22 (-0.20%)

UAL

United Continental

$77.13

0.34 (0.44%)

AER

AerCap

$45.81

0.17 (0.37%)

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GRUB

GrubHub

$44.55

-3.1462 (-6.60%)

, AMZN

Amazon.com

$1,003.74

2.44 (0.24%)

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GrubHub

$44.55

-3.1462 (-6.60%)

AMZN

Amazon.com

$1,003.74

2.44 (0.24%)

WFM

Whole Foods

$42.95

-0.255 (-0.59%)

YELP

Yelp

$30.29

-0.59 (-1.91%)

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V

Visa

$95.43

-0.15 (-0.16%)

11:00
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Options
1x2 call spread in Visa tied to delta hedge »

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  • 26

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11:00
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General news
FX Action: USD-JPY »

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PFSW

PFSweb

$7.66

-0.21 (-2.67%)

10:59
06/26/17
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Conference/Events
PFSweb management to meet with Lake Street »

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  • 29

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10:55
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General news
U.S. Dallas Fed manufacturing index slipped to 15.0 in June »

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ANET

Arista Networks

$159.78

-1.84 (-1.14%)

10:50
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Arista Networks attracts call writers »

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10:50
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General news
Atlanta Fed's Q2 GDPNow estimate held at 2.9% »

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10:45
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General news
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CAR

Avis Budget

$24.24

1.23 (5.35%)

10:44
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