2019-01-18 15:11:23 | On The Fly: Weekly technical notes for S&P 500The S&P 500 (SPX) is set to end the week sharply higher at time of writing. With price last at 2666.40, resistance for the coming week is in the 2700 to 2750 band. Support is at the 2600-2575 band. That latter band corresponds roughly to the low bars of the past week. With earnings season in many respects just getting underway and a holiday-shortened week ahead, there may be wider price swings than recently seen. The number of companies reporting is nearly double that of the prior week. As we have seen, reports do not necessarily have to be overwhelmingly bullish to get prices moving higher, just less bearish than expected. The discounting process we saw in December has helped remove many layers of risk as long as the news from companies is not worse than already low expectations. |
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