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XLK

Technology Select Sector SPDR

$63.98

-1.68 (-2.56%)

, XLI

Industrial Select Sector SPDR

$72.40

-2.44 (-3.26%)

15:46
04/06/18
04/06
15:46
04/06/18
15:46

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

At time of writing, the S&P 500 is set to end fractionally up for the week thanks to strong rallies on Tuesday, Wednesday, and Thursday and was last at 2602. At that price initial support is at the 2580 area. Thereafter support would be in the 2550-2500 area. Resistance is in the 2640-2660 area. There is a large-scale bearish pattern in play, a bearish flag, which has downside potential to the 2450-2400 area over time. That pattern would be voided on a move above 2660. A function of how quickly the index rose last year is that little support was firmly established and that has been a factor in the large drops in price. The index is doing that hard work now of basing. The one exception to that is a fairly large band of support in the 2500-2450 band from last year. Sector performance for the week was broadly positive, though a good portion of gains are under threat as the index comes down hard today on trade war concerns. The best performing sectors were prior underperformers earlier in the week, with Energy (XLE) making an especially strong push. Consumer Discretionary (XLY), Financials (XLF), Industrials (XLI), and Technology (XLK) were the leaders.

XLK

Technology Select Sector SPDR

$63.98

-1.68 (-2.56%)

XLI

Industrial Select Sector SPDR

$72.40

-2.44 (-3.26%)

XLY

Consumer Discretionary Sector SPDR

$100.42

-2.45 (-2.38%)

XLE

Energy Select Sector SPDR

$66.87

-1.72 (-2.51%)

SPY

SPDR S&P 500 ETF Trust

$258.91

-6.7301 (-2.53%)

SPX

S&P 500

$0.00

(0.00%)

XLK Technology Select Sector SPDR
$63.98

-1.68 (-2.56%)

XLI Industrial Select Sector SPDR
$72.40

-2.44 (-3.26%)

XLY Consumer Discretionary Sector SPDR
$100.42

-2.45 (-2.38%)

09/25/17
MSCO
09/25/17
DOWNGRADE
MSCO
Underweight
Consumer discretionary sector downgraded to Underweight at Morgan Stanley
Morgan Stanley equity strategist Michael Wilson said he expects the next phase of the "reflation trade" to coincide with outperformance for small caps, banks, and energy and he expects the consumer discretionary sector to underperform. The strategist, who downgraded the consumer discretionary sector to underweight, noted that on a median basis the relative performance of the sector tends to peak 42 months before a recession. While the low relative multiples in much of the sector reflect well understood structural pressures, there is room for multiples to fall further when the cycle turns, he tells investors.
XLE Energy Select Sector SPDR
$66.87

-1.72 (-2.51%)

10/03/17
MSCO
10/03/17
NO CHANGE
MSCO
Energy sector upgraded to 'Attractive' at Morgan Stanley
Morgan Stanley analysts led by Martijn Rats upgraded the Energy sector to "Attractive," saying they see increasingly clear signs that oil prices and production costs are near to finding a new equilibrium and that the sector's 6-year bear market is set to come to an end. Oil demand continues to grow well above historical trend rates and the downstream outlook is "outright strong," the team tells investors. In developed markets, the best positioned to benefit are downstream focused firms and high yielding majors, such as Shell (RDS.A), BP (BP) and Repsol (REPYY), the analysts said.
SPY SPDR S&P 500 ETF Trust
$258.91

-6.7301 (-2.53%)

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.
06/28/17
GSCO
06/28/17
NO CHANGE
GSCO
S&P 500 price target raised to 2,400 from 2,300 at Goldman Sachs
Goldman analyst David Kostin raised his S&P 500 earnings estimate to $129 from $123 in 2017 and to $139 from $129 in 2018 to reflect strong Q1 results and higher expected growth in Financials and Info Tech. Kostin raised his year-end S&P 500 price target to 2,400 from 2,300 to reflect earnings growth of 9%, offset by a 4% contraction in the forward multiple.
12/11/17
OPCO
12/11/17
NO CHANGE
OPCO
Oppenheimer initiates S&P 500 price target of $3,000 in 2018 on outlook
Oppenheimer has initiated an S&P 500 price target of $3,000 in 2018 as it believes the fundamentals - both economic growth and corporate earnings - will likely improve further in 2018. Its price target and earnings estimate do not include any assumptions about what tax reform might ultimately look like.
04/02/18
MSCO
04/02/18
NO CHANGE
MSCO
Utilities view lowered to Equal Weight at Morgan Stanley
Morgan Stanley equity strategist Michael Wilson said he thinks many of the risks facing the market have now been priced in and he sees value in the S&P, which is currently at the low end of his target near-term range ahead of what will likely be a strong Q1 earnings season. However, he is moving the Utilities sector to Equal Weight from Overweight, stating that this is not a sell call for those who recently bought the stocks but that a tactical overweight after recent relative outperformance no longer makes sense.
SPX S&P 500
$0.00

(0.00%)

01/23/18
BOFA
01/23/18
NO CHANGE
BOFA
S&P 500 2018 year target raised to 3,000 from 2,800 at BofA/Merrill

TODAY'S FREE FLY STORIES

12:05
08/20/18
08/20
12:05
08/20/18
12:05
General news
Fed's Bostic said the economy doesn't need as much stimulus as it did before »

Fed's Bostic said…

AVNW

Aviat Networks

$16.20

(0.00%)

12:04
08/20/18
08/20
12:04
08/20/18
12:04
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Aviat Networks introduces online selling with new Aviat store »

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CFBK

Central Federal

$2.52

(0.00%)

12:03
08/20/18
08/20
12:03
08/20/18
12:03
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Central Federal announces 1-for-5.5 reverse stock split »

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TAHO

Tahoe Resources

$3.84

0.06 (1.59%)

12:03
08/20/18
08/20
12:03
08/20/18
12:03
Hot Stocks
Tahoe Resources terminates approx. 200 additional Minera San Rafael employees »

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BE

Bloom Energy

$22.66

0.44 (1.98%)

12:01
08/20/18
08/20
12:01
08/20/18
12:01
Hot Stocks
Street Fight: Analysts split on Bloom Energy after IPO »

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CRK

Comstock Resources

$8.26

-0.46 (-5.28%)

12:00
08/20/18
08/20
12:00
08/20/18
12:00
Hot Stocks
Comstock Resources falls -5.1% »

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IBP

Installed Building Products

$46.80

-2.55 (-5.17%)

12:00
08/20/18
08/20
12:00
08/20/18
12:00
Hot Stocks
Installed Building Products falls -5.3% »

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  • 20

    Aug

  • 21

    Aug

  • 06

    Nov

LCI

Lannett

$5.55

-7.95 (-58.89%)

12:00
08/20/18
08/20
12:00
08/20/18
12:00
Hot Stocks
Lannett falls -58.7% »

Lannett is down -58.7%,…

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  • 20

    Aug

  • 28

    Aug

CATM

Cardtronics

$37.25

0.08 (0.22%)

12:00
08/20/18
08/20
12:00
08/20/18
12:00
Options
Second day of call buying in Cardtronics »

Second day of call buying…

03/08/13
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ATV

Acorn International

$22.00

3.14 (16.65%)

12:00
08/20/18
08/20
12:00
08/20/18
12:00
Hot Stocks
Acorn International rises 8.7% »

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AMRX

Amneal Pharmaceuticals

$23.96

2.43 (11.29%)

12:00
08/20/18
08/20
12:00
08/20/18
12:00
Hot Stocks
Amneal Pharmaceuticals rises 11.5% »

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  • 05

    Sep

  • 12

    Sep

CMCM

Cheetah Mobile

$10.85

1.75 (19.23%)

12:00
08/20/18
08/20
12:00
08/20/18
12:00
Hot Stocks
Cheetah Mobile rises 19.5% »

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  • 20

    Aug

PCG

PG&E

$45.05

-0.195 (-0.43%)

, EIX

Edison International

$69.44

-0.42 (-0.60%)

11:59
08/20/18
08/20
11:59
08/20/18
11:59
Periodicals
California's Dodd says securitization of PG&E liability mulled, Bloomberg says »

California Senator Bill…

PCG

PG&E

$45.05

-0.195 (-0.43%)

EIX

Edison International

$69.44

-0.42 (-0.60%)

03/08/13
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  • 25

    Sep

IMTE

Integrated Media Technology

$12.20

0.2 (1.67%)

11:58
08/20/18
08/20
11:58
08/20/18
11:58
Hot Stocks
Integrated Media unit enters distribution agreement with Ai Holdings »

Integrated Media…

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MSFT

Microsoft

$106.76

-0.82 (-0.76%)

11:57
08/20/18
08/20
11:57
08/20/18
11:57
Hot Stocks
Skype's end-to-end encrypted Private Conversations now available for all users »

Microsoft's Skype…

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  • 04

    Sep

  • 12

    Sep

TSLA

Tesla

$302.49

-2.84 (-0.93%)

11:55
08/20/18
08/20
11:55
08/20/18
11:55
Recommendations
Tesla analyst commentary  »

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  • 29

    Oct

TSLA

Tesla

$302.35

-2.98 (-0.98%)

11:52
08/20/18
08/20
11:52
08/20/18
11:52
Periodicals
Tesla's lawyers believe SEC 'under pressure' to expdite probe, Gasparino tweets »

FBN's Charles…

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  • 29

    Oct

PX

Praxair

$157.81

1.86 (1.19%)

, LNEGY

Linde

$0.00

(0.00%)

11:51
08/20/18
08/20
11:51
08/20/18
11:51
Hot Stocks
EU approves proposed merger between Linde, Praxair »

The European Commission…

PX

Praxair

$157.81

1.86 (1.19%)

LNEGY

Linde

$0.00

(0.00%)

03/08/13
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SPY

SPDR S&P 500 ETF Trust

$285.40

0.38 (0.13%)

11:50
08/20/18
08/20
11:50
08/20/18
11:50
Options
Continued interest in end of year call spreads in SPDR 500 Trust options »

Continued interest in end…

03/08/13
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11:50
08/20/18
08/20
11:50
08/20/18
11:50
General news
Treasury's $96 B 3- and 6-month bill sale was ok »

Treasury's $96 B 3-…

XLU

Utilities SPDR

$54.43

-0.07 (-0.13%)

11:40
08/20/18
08/20
11:40
08/20/18
11:40
Options
Opening call write in SPDR Utility ETF »

Opening call write in…

03/08/13
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11:36
08/20/18
08/20
11:36
08/20/18
11:36
General news
3-Month Bill Auction Total Amount data reported »

3-Month Bill Auction…

11:36
08/20/18
08/20
11:36
08/20/18
11:36
General news
6-Month Bill Auction Total Amount data reported »

6-Month Bill Auction…

IMNP

Immune Pharmaceuticals

$0.00

(0.00%)

11:36
08/20/18
08/20
11:36
08/20/18
11:36
Hot Stocks
Immune Pharmaceuticals granted Orphan Drug Designation for bertilimumab »

Immune Pharmaceuticals…

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  • 22

    Aug

RIG

Transocean

$11.23

0.47 (4.37%)

11:30
08/20/18
08/20
11:30
08/20/18
11:30
Options
Notable call buyer in Transocean »

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