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

The S&P 500 (SPX) is set to end the week lower and off of its life high of 3017.80. At the current price of 2988.06, next support for the coming week is in the range of 2970-2950. Resistance is in the range of 3000-3017.80. With a heavy earnings calendar in the coming week, it is conceivable that, depending on the nature of the news, either end of the ranges noted could be broken. There have been more solid earnings results than forecast, but the recent run-up may have discounted that substantially. Energy (XLE), Health Care (XLV), and the Financials (XLF) were the weakest sectors. Consumer Staples (XLP) and Materials (XLB) performed best.