One down day on Wednesday, a flat session on Thursday, and the bulls regain control on Friday.
Despite the weakness to end Thursday’s session, buyers that missed out on the closing print of 4643, never had a chance at that level in the premarket or the regular session. In fact, the premarket low was three ticks above that (4643.75) and a mild retreat off the open of the regular session found buyers ahead of that low at 4645.75.
After failing to make a new low, the index floated back into the mid-4650 handle by 11:00 AM EST. With no specific catalyst, the index caught a bid and made quick work of the premarket high (4658.25) and Thursday’s high 4661.50 and kept on going.
Sellers were scarce in the 4660 and the lower 4670 handles. The index found a few post-lunchtime sellers in the upper 4670 handle, but being short was not the way to be heading into the final few minutes of the session.
The index’s closing price of 4678.50 was higher by 35.50 handles. Buyers in the after-hours nudged the last print to 4681.
Meta Platforms Inc. (NASDAQ: FB) was the biggest gainer of the top components of the index. For the session, the issue added $13.15 or 4% to close at $340.89.
That far exceeded the cash index’s gain of 0.72%.
Elon Musk’s constant selling of Tesla Inc (NASDAQ: TSLA) shares caused the issue to be the biggest loser of the top components. For the session, the issue declined $30.09 or 2.83% to close at $1033.42.
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