The propensity of the S&P 500 index futures to finish the week on the highs or lows has returned once again, this time finishing at new all-time highs.
Most of the overnight trading action took place above and around unchanged, until the equities premarket session began. Some global market declines gave the bears some fodder, who brought the index futures firmly into the red. Selling didn’t last long, however, and the bulls had the index back at unchanged by the opening bell.
As the regular session began, bulls immediately went to test resistance at the all-time high made Thursday. After overcoming sellers in that area, bulls continued their rally to make new all-time highs for most of the rest of the day.
All-time highs continued to be made until the penultimate hour, where the bulls topped out at 6040.50. From there, profit-takers and bears took advantage of the day’s rally. Selling lasted until the final 15 minutes, when buyers stepped back in to finish the day.
The session concluded in the upper half of the day’s range at a new all-time closing high of 6025.25, gaining 21.50 handles. For the week, that makes for an astounding gain of 267 handles or 4.64%.
Continuing its recent rally, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer among top components of the index. The EV maker was able to advance by $24.31 or 8.19% to close at $321.22 for the day. That marks a four-day win streak, totalling a stellar 31.8% gain.
That performance was nearly 20 times the cash index’s advance of 0.43%.
On the other hand, the biggest loser among top components was Alphabet Inc (NASDAQ: GOOGL). For the day, the search giant declined by $2.40 or 1.33% to close at $178.35.
