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

For the week, the S&P 500 (SPX) is set to end lower and below the psychologically important 2900 level. Although, it is also improved from the deep lows set on Wednesday. At the last price of 2884.83, initial resistance is at 2900. It has proven to be a tough level for the index to overcome. In the week to follow, the 2925-2940 and becomes the resistance level to beat. Those two levels were peaks of price in the prior two weeks. Support to watch is at 2850-2820, near the lows of the week. The only sector to end up is Consumer Staples (XLP). Downside leadership was from Energy (XLE). Basic Materials (XLB), Financials (XLF), Industrials (XLI), Consumer Discretionary (XLY), and Technology (XLK).