Technical Take: S&P 500 edging toward life high, sectors to watch.
The S&P 500 (SPX) was last at 2851.78, just shy of the life high set this week at 2852.97. If there is a breakout above the high, a run to the 2860 area or higher would become the next technical price objective. Support is now at the 2840 area, rolling up from the 2830s earlier this week. Sector breadth is nearly even, but gainers in the leading sectors are swamping losers by a significant margin. Health Care (XLV), Technology (XLK), Energy (XLI), and the Industrials (XLI) are leading. Utilities (XLU), Consumer Staples (XLP), and Materials (XLB) are in the red. The remaining sectors are flat to slightly positive. An improvement in breadth might be enough to push the index to new highs.