The not-so-good news for the S&P 500 index futures is that its win streak was broken and it didn’t quite finish the week at the highs. The good news is the week finished far from its lows, and Friday’s dip was still bought.
Overnight, the bulls couldn’t maintain a bid above Thursday’s close and the index futures subsequently drifted lower towards Thursday’s low. The bears were able to breach Thursday’s low in the early morning, bottoming at 5397.75, but the dip-buyers also showed up earlier than usual. The regular session commenced back up in the 5420 area, and the bulls soon continued the early morning rally. Unfortunately for the bulls, June’s preliminary consumer sentiment came in at 65.6, about 8% below expectations at 10:00am EDT. The headline put a damper on the morning’s rally, and the bears tested support at Thursday’s low once again.
Once it was clear support would hold, the bulls started to resume the morning’s rally. However, the rally turned very choppy, partially attributable to the many Fed speakers’ comments made throughout the day. Despite the chop, the bulls were able to maintain higher lows and as the session neared the closing bell, they tested resistance at Thursday’s all-time closing high.
Fedspeak Friday’s session concluded near the day’s high at 5437.50, one single handle off the all-time closing high. For the week, that makes for a decent gain of 81.75 handles or 1.53%.
Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer once again. The chip designer was able to advance by $56.05 or 3.34% to close at $1735.04 for the day, making new all-time and all-time closing highs for the issue.
That performance was a nifty 55 times better than the cash index’s advance of 0.06%.
Giving back the rest of Thursday’s gains, the biggest loser was Tesla Inc (NASDAQ: TSLA). For the day, the EV maker declined by $4.46 or 2.44% to close at $178.01.
