2020-10-30 15:53:15 | On The Fly: Weekly technical notes for S&P 500Ahead of next week's election, the S&P 500 (SPX) is ending near its lows of the week and month. At the last price of 3257, resistance for the coming week is likely to be in the range of 3275-3350. Support is at 3240-3200. There is a potential large scale double top on the daily chart that would be confirmed as active below 3230 and which has downside potential to the 2900 area. That level is roughly half of the low to high for the year. The worst performing sectors of the week were Energy (XLE), Health Care (XLV), Industrials (XLI), Financials (XLF), and Consumer Discretionary. The relative better performers, though still in the red, were Utilities (XLU) and Consumer Staples (XLP). |
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