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

The S&P 500 is set to end the week sharply higher after having broken out above not only the 3000 level, but also, briefly, the 3050 level. At the last price near 3030 in volatile conditions, 3050-3100 becomes the resistance zone for next week. Support is in the range of 3025-3000, with the 3000 level having been vigorously defended all week. By far the strongest sectors this week were the former laggards - the Financials (XLF) and the Industrials (XLI) as well as Utilities (XLU) and Basic Materials (XLB). The weakest sector overall was Technology (XLK).