| 2017-08-11 13:20:24|
XLF, XLK… 13:20 08/11 08/11/17
On The Fly: Weekly technical notes for S&P 500
The S&P 500 is set to end the week down substantially for the first time in many weeks. At the current price near 2445, initial support is at the 2440 area and then at the 2430 area. From that range in an uptrend line context, bounces have taken place in recent months. A breakdown below the 2430 area would signal a more major correction is underway as it would take out support going back to July and below 2420 to June. Resistance is at the 2450-2460 area. All sectors are set to end the week down. Leading on the downside were Energy (XLE), Basic Materials (XLB), Consumer Discretionary (XLY), Technology (XLK), and the Financials (XLF).
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