| 2020-02-21 15:06:09|
XLK, XLY… 15:06 02/21 02/21/20
On The Fly: Weekly technical notes for S&P 500
The S&P 500 (SPX) is set to end down on the holiday-shortened week on renewed concerns around the coronavirus and its economic impact. Bond yields on the 30yr hit a new record low, highlighting the expectation of weak growth. At time of writing the index was at 3333.61, off the record high set earlier in the week at 3393.52. For the coming week support will be in the range of 3320-3300. Resistance is at 3350-3360. The Industrials (XLI), Energy (XLE), Health Care (XLV) were the weakest performing sectors. This data does not include the sharp down day currently in progress where Technology (XLK), Consumer Discretionary (XLY), and Energy (XLE) were notably weakest with deep on the day losses.