As has been the case every day this week, dips were bought up, but the bulls were unable to make significant progress past the previous day’s high in the S&P 500 index futures. The good news is that the propensity for the index futures to finish the week on the highs or lows played out during Friday’s session, gaining back all that was lost from the previous Friday.
Overnight, the action was fairly flat, with a decline taking place just as equities premarket trading began. Support was found near the weekly pivot around 5942 and the bulls brought the index futures back up near unchanged by the opening bell.
Once the regular session began, bulls continued their rally in a big way, blasting past the premarket high as well as Thursday’s high. Unfortunately, the rally didn’t continue much past that level and turned into more chop and whipsaw-like action. Adding to the morning volatility, at 10:00am EST several macroeconomic data points were released, including November’s consumer sentiment which came out at 71.8, just below expectations of 73.5. Bears took back the reins, but not for long as the bulls held a bid near the intraday low made at the open.
The rest of the day was filled with chop that was contained within the morning’s intraday low and high. During the final 45 minutes, bulls were able to distance themselves from Thursday’s close with a late-day rally. The session concluded near the day’s high at 5987, gaining 16.50 handles. For the week, that makes for a decent gain of 90.5 handles or 1.53%.
Tesla Inc (NASDAQ: TSLA) is back as the biggest gainer among top components. The EV maker was able to break out of its early-week range, advancing by $12.92 or 3.80% to close at $352.56 for the day.
That performance was a dozen times better than the cash index’s advance of 0.31%.
On the other hand, the biggest loser was NVIDIA Corp (NASDAQ: NVDA). Furthering itself from fresh all-time highs made Thursday, the chip designer declined by $4.72 or 3.22% to close at $141.95.
