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SPY

SPDR S&P 500 ETF Trust

$234.42

-0.9213 (-0.39%)

, SPX

S&P 500

$2,347.19

-8.65 (-0.37%)

13:45
04/21/17
04/21
13:45
04/21/17
13:45

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

The S&P 500 (SPX) looks set to end the week up fractionally, but on a longer-term basis this has meant price is only reconnecting with the downtrend resistance line that has formed since late February. For the downtrend to be broken would require a move and a close soon above the 2365 area. The 2330 area remains as support that needs to hold, even if price merely bases near it. A sharp move below 2330 would almost certainly mean the index was on the way to test at 2300. There are both substantial geopolitical risks and earnings ahead, which will be major catalysts for price action. In the past week, sector breadth was relatively weak. In descending order of gains, the best-performers were Consumer Cyclicals (XLY), Financials (XLF), Industrials (XLI), and Materials (XLB). The weakest sector was Energy (XLE).

SPY

SPDR S&P 500 ETF Trust

$234.42

-0.9213 (-0.39%)

SPX

S&P 500

$2,347.19

-8.65 (-0.37%)

XLY

Consumer Discretionary Sector SPDR

$88.12

-0.335 (-0.38%)

XLF

Financial Select Sector

$23.19

-0.2099 (-0.90%)

XLI

Industrial Select Sector SPDR

$65.34

-0.01 (-0.02%)

XLB

S&P Select Materials SPDR

$52.14

-0.12 (-0.23%)

XLE

Energy Select Sector SPDR

$67.70

-0.43 (-0.63%)

SPY SPDR S&P 500 ETF Trust
$234.42

-0.9213 (-0.39%)

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.
11/01/16
11/01/16
NO CHANGE

S&P 500 breaks support at 2100
The index was last at 2098.91, down over 1.2% on the day. At current price next support is at 2091.75. Resistance is at the 2110 area. A prior note had an incorrect support level of 1991.68, which this note corrects.
04/10/17
MSCO
04/10/17
NO CHANGE
MSCO
Morgan Stanley sets S&P 500 'base case' price target of 2,700
Morgan Stanley U.S. Equity Strategist Michael Wilson set a 12-month "base case" price target of 2,700 for the S&P 500, stating that market technicals are in "very good shape" and institutional and retail data suggest U.S. equity positioning is not extreme. A cyclical upturn began a year ago as the global business cycle bottomed in Q1 of 2016 and President Trump's election then "turbocharged" that cycle, said Wilson.
SPX S&P 500
$2,347.19

-8.65 (-0.37%)

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.
03/08/17
03/08/17
NO CHANGE

David Tepper says stock market on multiple basis 'kind of full'
Appaloosa Management's David Tepper is speaking in CNBC.
XLY Consumer Discretionary Sector SPDR
$88.12

-0.335 (-0.38%)

XLF Financial Select Sector
$23.19

-0.2099 (-0.90%)

XLI Industrial Select Sector SPDR
$65.34

-0.01 (-0.02%)

XLB S&P Select Materials SPDR
$52.14

-0.12 (-0.23%)

XLE Energy Select Sector SPDR
$67.70

-0.43 (-0.63%)

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