No matter how much the S&P 500 index futures continue to rally, the bulls still couldn’t hold onto gains during Wednesday’s session.
Overnight, the bulls started by defending Tuesday’s low and slowly made their way back up near Tuesday’s high. By the regular session open, the index futures were trading near the 5330 area with limited selling pressure. After the opening bell, the bulls reignited their overnight rally up through the premarket high as well as Tuesday’s high.
After peaking at 5359.25, sellers were able to test support back in the 5330 area. The bulls were able to hold support and instigate a small rebound, but came up short of the intraday high made one hour earlier. As the bears took control, any previous support seemed to wither away.
The ensuing selloff continued with a fairly steady pace until support was found at the premarket low in the 5336 area, which also coincided with Tuesday’s low. Buyers were able to pare some of the losses during the final hour, but only momentarily. As the close neared, sellers took the index right back down to make new lows for the session. As of the closing bell, the index futures finished near the intraday low at 5227.50, losing 38.75 handles. However, selling continued after hours, reaching a low of 5196.75.
Among the top components of the index, Apple Inc (NASDAQ: AAPL) emerged as the biggest gainer. The tech giant was able to advance by $2.59 or 1.25% to close at $209.82 for the day.
That performance was nearly two percent better than the cash index’s decline of 0.67%.
On the other hand, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). The company, along with other chip stocks, declined in sympathy with Super Micro Computer, Inc (NASDAQ: SMCI) after a big bottom-line miss in their earnings report released after Tuesday’s close. For the day, Broadcom declined by $7.65 or 5.32% to close at $136.27.
