After several days of range-bound choppy price action, the S&P 500 index futures have made a decisive move since bottoming on Thursday. Undoubtedly, that move is to the upside. Despite making a new low for the recent slide in Thursday’s premarket session (3925), the index distanced itself from that low by Thursday’s close by a wide margin, ending that session at 3984.75.
That level was revisited briefly in Friday’s premarket session and the index did not come close during Friday’s regular session. The rally gained momentum once it cleared Monday’s high for good (4024.75) around lunchtime.
Just as the daily charts indicate, there was limited resistance to impede the bulls’ momentum. The end result was a gain of 65 handles with a closing price of 4049.75. That ends a three week losing streak, putting the increase for the week to 74 handles.
Tesla Inc. (NASDAQ: TSLA) reversed its role from being the biggest loser of the top components on Thursday, to being the biggest winner on Friday. For the session, the issue gained $6.89 or 3.6% to close at $197.79.
That was over double the cash index’s advance of 1.61%.
The biggest loser of the top components was the smallest winner, UnitedHealth Group Inc. (NYSE: UNH). For the session, the issue added $0.86 or 0.18% to close at $478.56.
