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

At time of writing, the S&P 500 (SPX) is set to end with a large gain after a steady week of stairsteps higher following the breakout last week above 4000. With the last price at 4187 there is no resistance. A possible run to 4200-4275 could be in the cards for next week. The run higher is so new that support has not yet been established. Possible support is in the range of 4150-4120. Basic Materials (XLB), Utilities (XLU), Health Care (XLV), Consumer Discretionary (XLY), and Technology (XLK) were the best performers of the week. Energy (XLE) was positive but was the underperformer.