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

For the week, the S&P 500 (SPX) briefly eclipsed its life high and set a new one at 3027.98. It has since pulled back, which is not unexpected given the gains. ETF flows into S&P 500 products was positive for the week and in some notable size. An apparent unwind in the bond market has potentially made equities more attractive as well. For the coming week, the FOMC meeting on Wednesday becomes the hallmark event. If rates are held steady instead of seeing a cut, the bond unwind could accelerate and that could be great news for stocks. Without established resistance above the new high, the next technical objective would be at the 3050 area with a possible stretch to 3075. Support is at 3000.