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

The S&P 500 (SPX), despite a pullback today, is set to end the week higher at time of writing. At the last price of 2990.45, resistance heading into a very crowded earnings week is at 3000-3020. The life high is at 3027.98 and could be breached if earnings news supports it. In terms of price support, the range is 2975-2950. In addition to over 140 companies reporting, the outcome of the UK's Brexit vote and an election in Canada are notable events. A positive outcome to the Brexit vote could, for example, lead to a higher euro and pound and a sharply lower dollar. For the week the leading sectors were Industrials (XLI), Consumer Discretionary (XLY), Health Care (XLV), Financials (XLF), Technology (XLK), and Basic Materials (XLB). Utilities (XLU) was the sole sector to end in the red.