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

The S&P 500 (SPX) has hit a marginal new life high, last at 2603.81 at time of writing. Without established resistance, a test up to the 2610 area would become the next round-number technical price target. Support is at the 2590 area. For the holiday-shortened week, the following sectors were the upside leaders: Technology (XLK), Consumer Discretionary (XLY), Consumer Staples (XLP), Basic Materials (XLB), and the Industrials (XLI). Only the Utilities (XLU) finished lower on the week.