Technical Review of the S&P 100 Index (OEX)

S&P 100 Index (OEX) continues to accelerate toward the top of its Sep/Oct 2020 and Apr 2019 uptrend channels at 1,989-2,026. The ability to breakout signals the start of the next sustainable OEX rally. However, failure to clear resistance warns of consolidation to key initial support at 1,912-1,930 or the bottom of the Oct 2020 channel and the 50-day ma.

As of 7/2/21, the top 10 constituents of OEX collectively account for 41.26% of the total market-cap weighting. AAPL (8.91% mkt-cap), MSFT (8.39%), AMZN (6.11%), FB (3.45%), GOOGL (3.06%), GOOG (2.98%), BRK.B (2.15%), TSLA (2.12%), NVDA (2.07%), and JPM (1.92%).

Market cap weighting by sector: Information Technology (31.80%), Communication Services (15.39%), Consumer Discretionary (13.68%), Health Care (11.93%), Financials (9.82%), Consumer Staples (6.41%), Industrials (5.43%), Energy (2.26%), Utilities (1.35%), Materials (0.98%), and Real Estate (0.68%).

A bottom-up analysis of the OEX suggests continued technical strengths.

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