2018-01-19 15:05:40 | On The Fly: Weekly technical notes for S&P 500The S&P 500 (SPX) is set to end the week near its life highs. At time of writing the index was near 2806. Without significant overhead resistance, a run to the 2810-2820 area would appear to be the next likely technical price range objective. Support is in the 2800-2790 price band. For the week, the best-performing sectors were Consumer Discretionary (XLY), Energy (XLE), Health Care (XLV), Technology (XLK), Industrials (XLI), and Consumer Staples (XLP). The Utilities (XLU) was the only sector to end down for the week. For the coming week of earnings, Information Technology, the Industrials, and Financials will be the dominant categories. Approximately twenty-two percent of the weight of S&P names will be reporting, making its impact on the index far-greater than we have seen in the prior two weeks of the season. |
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