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

The S&P 500 (SPX) is set to end the week near record life highs. The rebound was definitely fueled by a major advance in the most heavily-weighted tech names; Amazon.com (AMZN), Alphabet (GOOG,GOOGL), Facebook (FB), and Microsoft (MSFT). Apple (AAPL) was a relative laggard among these names. However, it was not all tech stocks, as the Industrials (XLI), Utilities (XLU), Consumer Discretionary (XLY), Financials (XLF), and Real Estate (IYR) put in strong gains. The only negative was Energy (XLE) which helped to hold down gains for the week. Without resistance overhead, the index is likely to progress on advancing days in ten point steps, putting the 2425 area up as a potential target. Support is now at 2400. For the breakout to have technical credibility, price needs to not test below 2400.