S&P 500 near session highs, levels to watch

theflyonthewall.com

The index has hit multi-year highs today, with 1500 looking more like it could become support rather than resistance. Next resistance is now at 1513.80. All sectors are in the green today with one exception, Consumer Discretionary, which is lower on a weak Consumer Confidence reading. Health Care and Energy are the leader on the upside. The Financials, Industrials, and Technology are relative laggards on the plus side. A great deal depends tonight on how well Amazon.com (AMZN) does in guidance and current results. A poor report could sour the mood, while a strong one could see the shares take out the $300 level. It is heavily weighted in both the S&P 500 and the Nasdaq 100. A host of other net retailers will key off of the report.

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