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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

MCK

McKesson

$148.42

-1.46 (-0.97%)

07:38
09/19/17
09/19
07:38
09/19/17
07:38
Initiation
McKesson initiated  »

McKesson initiated with a…

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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    Sep

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    Sep

  • 27

    Sep

SUPN

Supernus

$49.65

0.6 (1.22%)

07:37
09/19/17
09/19
07:37
09/19/17
07:37
Downgrade
Supernus rating change  »

Supernus downgraded to…

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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  • 19

    Sep

  • 25

    Sep

HSIC

Henry Schein

$80.90

-1.98 (-2.39%)

07:37
09/19/17
09/19
07:37
09/19/17
07:37
Initiation
Henry Schein initiated  »

Henry Schein initiated…

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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KMX

CarMax

$68.34

0.26 (0.38%)

07:36
09/19/17
09/19
07:36
09/19/17
07:36
Recommendations
CarMax analyst commentary  »

CarMax price target…

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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  • 22

    Sep

PTLA

Portola Pharmaceuticals

$56.57

1.62 (2.95%)

07:36
09/19/17
09/19
07:36
09/19/17
07:36
Periodicals
Portola blood thinner launch could be complicated by guidelines, STAT News says »

The commercial launch of…

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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  • 02

    Feb

CRL

Charles River

$107.29

1.27 (1.20%)

07:35
09/19/17
09/19
07:35
09/19/17
07:35
Initiation
Charles River initiated  »

Charles River initiated…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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POST

Post Holdings

$85.84

1.04 (1.23%)

, BOBE

Bob Evans

$72.93

1.02 (1.42%)

07:35
09/19/17
09/19
07:35
09/19/17
07:35
Hot Stocks
Post Holdings to acquire Bob Evans for $77.00 per share »

Post Holdings (POST) and…

POST

Post Holdings

$85.84

1.04 (1.23%)

BOBE

Bob Evans

$72.93

1.02 (1.42%)

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
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ABX

Barrick Gold

$16.92

-0.38 (-2.20%)

07:35
09/19/17
09/19
07:35
09/19/17
07:35
Conference/Events
Barrick Gold management to meet with Deutsche Bank »

Meeting to be held in…

03/08/13
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  • 19

    Sep

  • 26

    Oct

FB

Facebook

$170.01

-1.63 (-0.95%)

, AMZN

Amazon.com

$974.19

-12.6 (-1.28%)

07:35
09/19/17
09/19
07:35
09/19/17
07:35
Periodicals
FB design head touts voice command, stays silent on hardware, TechCrunch says »

Facebook (FB) head of…

FB

Facebook

$170.01

-1.63 (-0.95%)

AMZN

Amazon.com

$974.19

-12.6 (-1.28%)

GOOG

Alphabet

$915.00

-5.29 (-0.57%)

GOOGL

Alphabet Class A

$929.75

-5.54 (-0.59%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 29

    Nov

OA

Orbital ATK

$132.25

22.21 (20.18%)

07:35
09/19/17
09/19
07:35
09/19/17
07:35
Downgrade
Orbital ATK rating change  »

Orbital ATK downgraded to…

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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NVDA

Nvidia

$187.55

7.44 (4.13%)

, FCX

Freeport McMoRan

$14.13

0.25 (1.80%)

07:35
09/19/17
09/19
07:35
09/19/17
07:35
Options
Unusual call flow in option market yesterday »

Notable call activity was…

NVDA

Nvidia

$187.55

7.44 (4.13%)

FCX

Freeport McMoRan

$14.13

0.25 (1.80%)

WFC

Wells Fargo

$52.71

1.05 (2.03%)

V

Visa

$104.83

-0.47 (-0.45%)

HIMX

Himax

$10.70

0.15 (1.42%)

COP

ConocoPhillips

$47.09

0.58 (1.25%)

STX

Seagate

$33.52

-0.03 (-0.09%)

MOS

Mosaic

$21.31

0.65 (3.15%)

TMUS

T-Mobile

$61.80

0.63 (1.03%)

FCAU

Fiat Chrysler

$16.82

0.16 (0.96%)

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

    Sep

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    Sep

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  • 02

    Oct

  • 12

    Oct

  • 29

    Nov

  • 15

    Jan

ESRX

Express Scripts

$62.01

-0.64 (-1.02%)

, ANTM

Anthem

$185.00

-1.59 (-0.85%)

07:34
09/19/17
09/19
07:34
09/19/17
07:34
Initiation
Express Scripts, Anthem initiated  »

Express Scripts initiated…

ESRX

Express Scripts

$62.01

-0.64 (-1.02%)

ANTM

Anthem

$185.00

-1.59 (-0.85%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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  • 21

    Sep

  • 22

    Sep

  • 25

    Oct

WBS

Webster Financial

$48.71

0.73 (1.52%)

07:33
09/19/17
09/19
07:33
09/19/17
07:33
Hot Stocks
Webster Financial announces CEO succession »

Webster Financial's…

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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  • 08

    Nov

AAPL

Apple

$158.67

-1.21 (-0.76%)

07:32
09/19/17
09/19
07:32
09/19/17
07:32
Recommendations
Apple analyst commentary  »

Apple price target raised…

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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TEVA

Teva

$16.99

-1.11 (-6.13%)

07:32
09/19/17
09/19
07:32
09/19/17
07:32
Hot Stocks
Teva completes amendment to credit facilities »

Teva Pharmaceutical…

03/08/13
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  • 27

    Sep

CTLT

Catalent

$39.90

0.41 (1.04%)

07:31
09/19/17
09/19
07:31
09/19/17
07:31
Hot Stocks
Catalent to acquire Cook Pharmica for $950M »

Catalent announced it has…

03/08/13
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03/06/13
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03/06/13
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MRTX

Mirati Therapeutics

$10.80

-0.4 (-3.57%)

07:31
09/19/17
09/19
07:31
09/19/17
07:31
Initiation
Mirati Therapeutics initiated  »

Mirati Therapeutics…

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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  • 25

    Sep

POST

Post Holdings

$85.84

1.04 (1.23%)

, BOBE

Bob Evans

$72.93

1.02 (1.42%)

07:31
09/19/17
09/19
07:31
09/19/17
07:31
Hot Stocks
Breaking Hot Stocks news story on Post Holdings, Bob Evans »

Post Holdings to acquire…

POST

Post Holdings

$85.84

1.04 (1.23%)

BOBE

Bob Evans

$72.93

1.02 (1.42%)

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

Itron

$76.50

3.7 (5.08%)

, SSNI

Silver Spring

$16.10

3.1 (23.85%)

07:30
09/19/17
09/19
07:30
09/19/17
07:30
Downgrade
Itron, Silver Spring rating change  »

Itron downgraded to Hold…

ITRI

Itron

$76.50

3.7 (5.08%)

SSNI

Silver Spring

$16.10

3.1 (23.85%)

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

Bob Evans

$72.93

1.02 (1.42%)

07:30
09/19/17
09/19
07:30
09/19/17
07:30
Hot Stocks
Breaking Hot Stocks news story on Bob Evans »

Bob Evans trading halted,…

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

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T

AT&T

$37.42

0.32 (0.86%)

, CRM

Salesforce

$95.74

1.11 (1.17%)

07:30
09/19/17
09/19
07:30
09/19/17
07:30
Options
Unusual put flow in option market yesterday »

Notable put activity was…

T

AT&T

$37.42

0.32 (0.86%)

CRM

Salesforce

$95.74

1.11 (1.17%)

AXON

Axovant Sciences

$22.88

1.54 (7.22%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 25

    Sep

  • 29

    Nov

Q

QuintilesIMS

$95.07

0.6 (0.64%)

07:29
09/19/17
09/19
07:29
09/19/17
07:29
Initiation
QuintilesIMS initiated  »

QuintilesIMS initiated…

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

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MTOR

Meritor

$24.35

1.77 (7.84%)

07:27
09/19/17
09/19
07:27
09/19/17
07:27
Recommendations
Meritor analyst commentary  »

Meritor price target…

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

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UAA

Under Armour

$17.37

-0.42 (-2.36%)

07:25
09/19/17
09/19
07:25
09/19/17
07:25
Technical Analysis
Technical View: Under Armour falls, analyst action »

The stock was last down…

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

    Oct

  • 04

    Oct

CAH

Cardinal Health

$67.07

-0.43 (-0.64%)

07:25
09/19/17
09/19
07:25
09/19/17
07:25
Initiation
Cardinal Health initiated  »

Cardinal Health initiated…

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

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  • 21

    Sep

  • 22

    Sep

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