One day certainly does not make the month, but if the S&P 500 index is to continue its seven-month winning streak, it appears that it has some resistance to contend with.
Ahead of Friday’s jobs number, the index has a pair of highs (potential double top) from Tuesday (4542.25) and Wednesday (4540) to overcome. Interestingly, both of those daily highs were reached in premarket trading. Along these lines, the actual high from Monday (4534.50) was matched into Wednesday’s intraday session, when the index peaked at 4535.
To call this session choppy would be an understatement. The premarket gains faded off the open but did not make a new low for the session. The mid-morning rally, led by big tech, came up well shy of the premarket high, only reaching 4535 and promptly reversed course. The index did come down and breach the close barely (4520.50), reaching 4519.25 near the close, and had a muted bounce into the closing bell.
At day’s end, the index was basically flat, closing a few ticks higher at 4521.50, posting its second-highest close.
Leading the index higher was Facebook Inc. (NASDAQ: FB), which shrugged off a downgrade from Rosenblatt, For the third day in a row, the issue made a new all-time high and improved on its all-time closing high gaining $2.67 or 0.70% to close at $282.05. That compares to the index remaining unchanged.
There was no clear leader on the downside of the top components. The only thing of note was that the two weak links for the session were both in the financial sector. The first one being Berkshire Hathaway “B”, which was fractionally lower by $0.45 or 0.16 percent at $285.32, and JP Morgan Chase (NYSE: JPM), which declined from the third day in a row, shedding $0.23 or 0.14 percent at $159.72.
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