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SPY

SPDR S&P 500 ETF Trust

$242.30

-0.286892 (-0.12%)

, SPX

S&P 500

14:53
06/16/17
06/16
14:53
06/16/17
14:53

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

The S&P 500 (SPX) remains in a shallow bearish, downward-sloping, price channel, but it is a new variant of the prior channel. This one began on Wednesday of this week. The high of the channel is at the 2435 area, and the low at the 2420 area. Those become the levels to beat for the bulls and bears, respectively. These levels should seem familiar as we've seen them in the prior channel, which was disrupted by the big peak of price in the index last Friday, June 9. Taking out the low of the prior channel at 2416 would confirm a topping process. A move back above 2440 would be bullish for price. Although we had a severe test of the mega-cap tech stocks over the past week, there was a compensating rotation into other sectors which helped keep the index from falling harder. That is likely not accidental given the sum of weights in the best-performing sectors were nearly precisely a null event for index price against the fall in tech. The weakest sector by far was Technology (XLK). On the upside, the Financials (XLF), Industrials (XLI), Health Care (XLV), and Energy (XLE) were the best-performers. The remaining sectors were flat to down or so small in relative weight to have little impact.

SPY

SPDR S&P 500 ETF Trust

$242.30

-0.286892 (-0.12%)

SPX

S&P 500

XLK

Technology Select Sector SPDR

$55.24

-0.10662 (-0.19%)

XLF

Financial Select Sector

$24.25

-0.066941 (-0.28%)

XLI

Industrial Select Sector SPDR

$68.57

0.113593 (0.17%)

XLV

Health Care Select Sector SPDR

$77.60

0.037823 (0.05%)

XLE

Energy Select Sector SPDR

$65.91

0.689047 (1.06%)

SPY SPDR S&P 500 ETF Trust
$242.30

-0.286892 (-0.12%)

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.
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.
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

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.
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.
XLK Technology Select Sector SPDR
$55.24

-0.10662 (-0.19%)

08/22/16
JEFF
08/22/16
NO CHANGE
JEFF
Jefferies ups SMID-cap Technology to Overweight, cuts REITs to Market Weight
Jefferies Equity Strategist Steven DeSanctis said that in terms of its SMID-cap sector strategy the firm is moving to an Overweight on Technology, citing Tech's "very strong" earnings season, reasonable valuations in the group and expectations for the recent M&A trend to continue. Also, the firm is moving Real Estate to Market Weight from Overweight, citing the belief that investors are shifting their preference towards growth and away from yield.
XLF Financial Select Sector
$24.25

-0.066941 (-0.28%)

XLI Industrial Select Sector SPDR
$68.57

0.113593 (0.17%)

XLV Health Care Select Sector SPDR
$77.60

0.037823 (0.05%)

XLE Energy Select Sector SPDR
$65.91

0.689047 (1.06%)

TODAY'S FREE FLY STORIES

07:33
01/17/18
01/17
07:33
01/17/18
07:33
Conference/Events
Federal Reserve Bank of Cleveland President speaks on monetary policy »

Cleveland Federal Reserve…

SBBP

Strongbridge Biopharma

$8.35

0.35 (4.38%)

, AEZS

Aeterna Zentaris

$2.07

-0.0999 (-4.60%)

07:33
01/17/18
01/17
07:33
01/17/18
07:33
Conference/Events
Strongbridge Biopharma to host conference call »

Conference call to…

SBBP

Strongbridge Biopharma

$8.35

0.35 (4.38%)

AEZS

Aeterna Zentaris

$2.07

-0.0999 (-4.60%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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  • 17

    Jan

XRAY

Dentsply Sirona

$65.65

-0.14 (-0.21%)

07:32
01/17/18
01/17
07:32
01/17/18
07:32
Hot Stocks
Dentsply Sirona appoints Donald Casey Jr. as CEO »

Dentsply Sirona announced…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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07:31
01/17/18
01/17
07:31
01/17/18
07:31
Conference/Events
Federal Reserve Bank of Dallas President participates in a discussion »

Dallas Federal Reserve…

LCII

LCI Industries

$123.65

-2.75 (-2.18%)

07:31
01/17/18
01/17
07:31
01/17/18
07:31
Hot Stocks
LCI Industries to acquire Taylor Made Group, terms not disclosed »

LCI Industries announced…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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CNHI

CNH Industrial

$14.72

-0.21 (-1.41%)

07:31
01/17/18
01/17
07:31
01/17/18
07:31
Initiation
CNH Industrial initiated  »

CNH Industrial initiated…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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07:31
01/17/18
01/17
07:31
01/17/18
07:31
Conference/Events
Federal Reserve Bank of Chicago President participates in a discussion »

Chicago Federal Reserve…

PAVM

PAVmed

$2.84

-0.12 (-4.05%)

07:30
01/17/18
01/17
07:30
01/17/18
07:30
Hot Stocks
PAVmed announces terms of previously announced rights offering »

PAVmed Iannounced that…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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DXC

DXC Technology

$101.06

-0.23 (-0.23%)

, SPLK

Splunk

$87.13

-2.51 (-2.80%)

07:30
01/17/18
01/17
07:30
01/17/18
07:30
Conference/Events
House Homeland Security Committee to hold a hearing »

The Cybersecurity and…

DXC

DXC Technology

$101.06

-0.23 (-0.23%)

SPLK

Splunk

$87.13

-2.51 (-2.80%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 17

    Jan

GME

GameStop

$17.16

-0.6 (-3.38%)

, AREX

Approach Resources

$3.62

-0.29 (-7.42%)

07:30
01/17/18
01/17
07:30
01/17/18
07:30
Options
Unusual put flow in option market yesterday »

Notable put activity was…

GME

GameStop

$17.16

-0.6 (-3.38%)

AREX

Approach Resources

$3.62

-0.29 (-7.42%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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AEZS

Aeterna Zentaris

$2.07

-0.0999 (-4.60%)

07:30
01/17/18
01/17
07:30
01/17/18
07:30
Hot Stocks
Breaking Hot Stocks news story on Aeterna Zentaris »

Aeterna Zentaris trading…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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DKS

Dick's Sporting

$32.33

-1 (-3.00%)

07:29
01/17/18
01/17
07:29
01/17/18
07:29
Upgrade
Dick's Sporting rating change  »

Dick's Sporting…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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VMW

VMware

$132.14

-0.39 (-0.29%)

07:29
01/17/18
01/17
07:29
01/17/18
07:29
Recommendations
VMware analyst commentary  »

VMware price target…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 17

    Jan

  • 19

    Jan

07:28
01/17/18
01/17
07:28
01/17/18
07:28
Conference/Events
Fitch Ratings to hold a teleconference »

Fitch Analysts provide…

07:27
01/17/18
01/17
07:27
01/17/18
07:27
Conference/Events
The Executives' Club of Chicago holds a luncheon meeting »

The Executives' Club…

TI

Telecom Italia

07:27
01/17/18
01/17
07:27
01/17/18
07:27
Downgrade
Telecom Italia rating change  »

Telecom Italia downgraded…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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DF

Dean Foods

$11.28

0.01 (0.09%)

07:27
01/17/18
01/17
07:27
01/17/18
07:27
Upgrade
Dean Foods rating change  »

Dean Foods upgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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TEF

Telefonica

07:27
01/17/18
01/17
07:27
01/17/18
07:27
Upgrade
Telefonica rating change  »

Telefonica upgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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JNJ

Johnson & Johnson

$146.86

1.1 (0.75%)

07:27
01/17/18
01/17
07:27
01/17/18
07:27
Periodicals
J&J attracts Chinese interest for diabetes business, Reuters reports »

Chinese suitors have…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 23

    Jan

  • 16

    Feb

  • 08

    Mar

VOD

Vodafone

$32.33

0.4 (1.25%)

07:27
01/17/18
01/17
07:27
01/17/18
07:27
Upgrade
Vodafone rating change  »

Vodafone upgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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07:26
01/17/18
01/17
07:26
01/17/18
07:26
Conference/Events
CFA Society of Atlanta to hold a luncheon meeting »

Luncheon Meeting with…

07:25
01/17/18
01/17
07:25
01/17/18
07:25
Conference/Events
Governor of the Bank of Canada to hold a press conference »

Governor of the Bank of…

07:25
01/17/18
01/17
07:25
01/17/18
07:25
Conference/Events
UBS automotive analyst holds an analyst/industry conference call »

Automotive Analyst Hummel…

TEAM

Atlassian

$52.82

0.25 (0.48%)

07:24
01/17/18
01/17
07:24
01/17/18
07:24
Recommendations
Atlassian analyst commentary  »

Atlassian price target…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 18

    Jan

  • 26

    Feb

QCOM

Qualcomm

$68.25

2.87 (4.39%)

, AVGO

Broadcom

$263.25

-1.04 (-0.39%)

07:24
01/17/18
01/17
07:24
01/17/18
07:24
Recommendations
Qualcomm, Broadcom analyst commentary  »

Qualcomm target raised to…

QCOM

Qualcomm

$68.25

2.87 (4.39%)

AVGO

Broadcom

$263.25

-1.04 (-0.39%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Mar

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