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

The S&P 500 (SPX) is set to close relatively near its fresh life high set this week at 3385.09. For the coming holiday shortened week, the objectives on the upside would be in the 3385 to 3450 area. Support is at 3340-3300 area. With S&P 500 earnings largely out of the way, technical factors and analyst actions may be the catalysts. The best performing sectors in a week of solid green breadth were Consumer Discretionary (XLY), Technology (XLK), Utilities (XLU), Financials (XLF), and the Industrials (XLI). Energy (XLE) and Basic Materials (XLB) were the weakest.