Following mixed price action in mega cap tech and nothing new out of the Fed, the S&P 500 index futures had a volatile session.
However, the closing print of 4595.25 or flat on the session, fairly represents investors reaction to the recent fundamental data.
While it is hard to identify major support, it is easy to identify major resistance. What was a double top is now a triple top encompassing the 4610 area. Easy bogey for the bulls to continue the rally, while the bears are on the defensive until 4560 is breached.
Among the top components of the index, Alphabet Inc. (NASDAQ: GOOG) was the biggest winner. Following a better-than-expected Q2 report, the issue leaped $6.87 or 5.6% at the closing price of $129.66.
That was much better than the cash index’s marginal decline.
Microsoft Corp (NASDAQ: MSFT) was on the other end of the post earnings price action, being the biggest loser of the top components. For the session, the issue declined by $13.21 or 3.77% at the closing price of $337.77.
