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Technical Review of Top 25 OEX Index (OEX)

S&P 100 Index (OEX) – OEX is a key US large-cap benchmark index consisting of the 100 largest stocks in the U.S. by market capitalization. The key criteria for this index are the stocks in the index must have options available for trading and at least 50% of the stock must be available for trading by the investment public.

As of 9/9/22, the top 10 constituents of OEX collectively account for 41.84% of the total market-cap weighting. AAPL (10.71% mkt-cap), MSFT (8.75%), AMZN (5.16%), TSLA (3.34%), GOOGL (2.95%), GOOG (2.73%), BRKB (2.29%), UNH (2.18%), JNJ (21.93), and XOM (1.80%).

Market cap weighting by sector: Information Technology (31.30%), Healthcare (14.03%), Consumer Discretionary (13.58%), Communication Services (11.29%), Financials (9.64%), Consumer Staples (7.51%), Industrials (5.07%), Energy (3.81%), Utilities (1.76%), Materials (-0.94%), and Real Estate (0.70%)

OEX Index continues to struggle to break out above its Jan 2022 primary downtrend (1,976) and 200-day ma (1,958), reinforcing a challenging market environment. However, the recent Aug 2022 decline toward 1,765.39 may have found support near the 7/26/22 low (1,780.19), 61.8% retracement (1,779) from the Jun-Aug 2022 rally, and the Jun 2022 uptrend (1,808.5).

To solidify the 9/6/22 low, OEX needs to first clear above 1,895.5-1,926 (6/2/22 high and 8/22/22 gap-down) and then surge above 1,959-1,976.62 (8/16/22 reaction high, Jan 2022 downtrend, and the 200-day ma).

Support is 1,765.39-1,780 (7/26/22 and 9/6/22 lows) and below this 1,740-1,750 (7/15/22 gap-up), 1,703-1,722 (May 2022, 6/30/22, and 7/14/22 lows), and 1,657.86 (6/16/22 reaction low).

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

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