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Technical Review of Top 25 OEX Index (OEX)

S&P 100 Index (OEX) – OEX is a key U.S. 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 6/30/23, the top 10 constituents of OEX collectively account for 48.46% of the total OEX market-cap weighting, and the top 25 constituents account for 67.57%. AAPL (10.73% mkt-cap), MSFT (8.91), GOOG (5.40), GOOGL (5.35), AMZN (4.71), NVDA (3.68), TSLA (2.92), BRK.B (2.61), META (2.59%), UNH (1.57), LLY (1.57), V (1.56%), XOM (1.53), JNJ (1.51), JPM (1.50), WMT (1.49), MA (1.31), AVGO (1.26), PG (1.26), ORCL (1.14), HD (1.10), CVX (1.05), MRK (1.03), KO (0.92), and PEP (0.90).


OEX continues to strengthen, as evidenced by the breakouts above the Jan/Mar 2022 primary downtrends, 50-day ma (1,759.46), 200-day ma (1,814.98), Dec 2022 and Mar 2023 highs (1,830-1,835), Jun/Sept 2022 and Feb 2023 highs (1,868.5-1,895.5), and the Aug 2022 reaction high and the 61.8% retracement from Jan-Oct 2022 decline (1,977-1,979). The next resistance is 2,056-2,088 (Sept 2021 and 4/21/22 highs and Dec 2022 lows), and above this, 2,130-2,136 (Jan/Mar 2022 highs), 2169 (top of the Oct 2022 uptrend channel), and 2,196-2,228 (Nov 2021/Jan 2022 all-time highs). Initial support rises to 2,017 (6/26/23 low) and below 1,959.5-1,976.5 (50-day ma and Jun 2023 breakout), 1,930 (bottom of the Oct 2022 uptrend channel), 1,879.19 (2/2/23 high), and 1,815-1,835 (200-day ma and Nov/Dec 2022 highs).


Source: Chart courtesy of StockCharts.com

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