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

The head and shoulders top pattern continues in OEX. However, the ability to rebound from key support, corresponding to the neckline at 1,938-1,962 (Oct 2021 and Jan 2022 lows) has triggered a rebound to 2,129.91 (2/2/22 low), reaffirming the right shoulder. Below 1,924-1,938 confirms a top and suggests -289.75 decline. Above key resistance at 2,129.91suggests a retest of 2,191-2,196, and 2,227.863 (1/4/22 all-time high).

As of 2/18/22, the top 10 constituents of OEX collectively account for 42.31% of the total market-cap weighting. AAPL (10.59% mkt-cap), MSFT (8.78%), AMZN (5.41%), GOOGL (3.19%), GOOG (2.96%), TSLA (2.83%), NVDA (2.40%), BRKB (2.34%), FB (1.98%), and JPM (1.83%).

Market cap weighting by sector: Information Technology (32.58%), Consumer Discretionary (13.72%), Communication Services (13.01%), Health Care (12.27%), Financials (10.06%), Consumer Staples (7.20%), Industrials (5.04%), Energy (2.86%), Utilities (1.34%), Materials (0.98%), and Real Estate (0.61%).

Enclosed in the report are technical updates to the OEX stocks.

To view the entire report go to the Reports tab on the website or click the following:

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