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

The S&P 500 (SPX), at time of writing, was set to end the week relatively flat against last Friday's close and off the best levels set earlier in the week. At the current price of 2803.52, resistance is at the 2820 area. This would fractionally beat the week's best levels. Resistance thereafter would be at the 2850 area. Support is at the 2780 area and then at the 2750 area. We are using levels with more latitude than usual, given the large number of earnings reports ahead for the coming week which could significantly move the index. Equally, sector performance in the prior week is less important than what will dominate, with the Industrial names figuring prominently as well as Utilities and Technology. It is a far-busier week ahead than this past one, with greater opportunity for surprises in either direction as a result.