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

At time of writing, the S&P 500 (SPX), lastly at the 2750 area, is set to end down for the week. At that price the next major resistance into next week is at the 2780 area. A move to that level would void the currently active bearish double top on the daily chart. An important support level at the 2730 area, if broken to the downside, would confirm the likely move down to the midpoint of the double top at the 2650 area. Taking out the 2730 area would also break the recovery uptrend support line off the lows of February. For the past week, the sectors that lead on the upside were the Utilities (XLU), Real Estate (XLRE), Technology (XLK), and Health Care (XLV). This is an interesting mix given that all of those sectors, with the exception of Technology, would be considered risk-averse allocations and Technology speculative. The sectors leading on the downside were Materials (XLB), Consumer Staples (XLP), and the Industrials (XLI).