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

For the week, the S&P 500 (SPX) is down since the highs of Monday and relatively flat against the prior week closing price. There is something of a new range that has been set up with a low at the 2702 area and a high at the 2742 area. That puts the current price at time of writing of 2717.25 just under the midpoint of the range. For the coming week the range high and the range low become the levels to break before we can see either a sharper rise or fall in the index. Without a catalyst we could trade in-between without much in the way of directional guidance or momentum. For the week, inclusive of current day performance, the best-performing sectors were the Utilities (XLU), Real Estate (XLRE), and the Industrials (XLI). The weakest sectors were Energy (XLE) and the Financials (XLF).