S&P 500 Sector SPDR Preview - June 1st, 2017

The S&P 500 broke resistance at the important 2,400 level.  There was resistance at the 2,400 level because it is important psychologically and was the all-time high on March 1st.  It now needs to be watched for support in the short-term,

Technology -  The XLKs broke the uptrend that began in mid-May and are trading sideways after becoming overbought.  Longer-term, if they head lower there will probably be support around the $53.50 level because it was the top of the range in February, March, and April. 

Financials - The XLFs found support at the $23 level again.  This clearly defined level was support in January, on March 27th, in the middle of April and in the middle of May.  If this level breaks to the downside there could be a meaningful selloff. 

Healthcare - The XLVs are testing and may be breaking resistance around the $76 level.  It isn’t surprising that there is resistance at this level because it was a top last August and then again in March.  It was also resistance in early May.  They are overbought so they may consolidate around this level.

Consumer Staples - The XLPs gapped up after breaking resistance at the important $56 level.  This level was resistance last July and again in April and should now be a support level.  They are now overbought and trading around all-time highs.

Industrials - The XLIs broke resistance at the $67 level.  This level was an all-time high in early March and the top in late April and most of May and is now a support level.  Longer-term, there is support around $64 because it was resistance in December and January and support in March and April.

Energy - The XLEs continue to trend lower and are approaching possible support.  There will probably be support around the $64.50 level because it was clearly defined support during last May, June, and August.

Utilities - The XLUs have gone parabolic and are trading at all-time highs after breaking resistance around the $52 level.  This level was the top from February through May as well as last year in June and July.  It will now most likely become a support level.

Consumer Discretionary - The XLYs are trending higher and are making all-time highs.  As expected, they found support at the $88 level.  This level was the top of the range in March and April. 

Materials - The XLBs are consolidating around the $53 level.  They traded at an all-time high on April 26th.  It is not surprising that they are consolidating around these levels because they were the all-time high in early 2015.

 

 

A fan seated near Wednesday’s Mr. Met incident at Citi Field claims that for most of the evening, the mascot was being harassed by the fans who were sitting in the vicinity of the episode.

“Mr. Met was being heckled all night from those fans, and security spoke to the fans about it after Mr. Met’s handler spoke up,” the fan, who wished to remain anonymous, told The Post. “I do know that the fans were cursing at Mr. Met with the F-word and saying derogatory things about Mr. Met’s mom …. which led to the gesture because of a personal matter with his mom.”