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

At time of writing the S&P 500 (SPX) is set to end up strongly for the week, but right at resistance at the 2830 area. Nonetheless the cash index has cleared resistance going back to the tops of October, November, and December of last year. This is technically bullish for future price. If there is a breakout extension next week, the 2850-2900 area becomes the next big upside objective. Support will be in a band of 2815-2775. The 2815 area was the point of breakout for the index. For the week, all sectors finished in the green. Leading sectors on the upside were Technology (XLK), Financials (XLF), Health Care (XLV), and Basic Materials (XLB). Energy (XLE) and the Industrials (XLI) were relative laggards.