On The Fly: Weekly technical notes for S&P 500 (TheFlyOnTheWall)
THE FLY 3:40 PM ET 11/16/2018
The S&P 500 (SPX) is set to end the week down from last Friday's close, but not terribly far from those levels. For the week the big resistance area will be in the range of 2750-2800. Support will be in the 2725-2700 area. Moves above or below those ranges, respectively, could determine direction into year-end. With a major holiday-shortened week ahead investors can look forward to a front-end loaded week with almost no action of note following Wednesday. In terms of sectors, Consumer Discretionary (XLY), Technology (XLK), and Energy (XLE) were the worst-performers. The least-down in a strongly negative week were Real Estate (XLRE) and Consumer Staples (XLP).
There is an old time pattern here.
