At one point last week, the S&P 500 index was poised to clear 4100 and finish the year on a really strong note. However, the index failed to garner sustained buying interest at the level and right back to 4000 it is.
Premarket trading was a strong indication of how the day was going to go. The index spent almost the entire time in the red and already 30 handles lower before the opening bell. The bulls made one feint attempt to rally early, but all hopes were dashed at 10:00 AM.
Investors, with Dr. Jeklll and Mr. Hyde’s reaction to economic data, were spooked at the stronger-than-expected PMI and factory orders November readings.
The index was able to stage a minor comeback to end the session and trim the loss to 72.25 handles at 4003.25.
The biggest winner of the top components was the smallest loser Johnson & Johnson (NYSE: JNJ). The value issue only declined a dime to close at $178.78.
Tesla Inc. (NASDAQ: TSLA) was under selling pressure the entire session and was the biggest loser of the top components. For the session, the issue declined by $12.41 or 6.4% to close at $182.45.
PreMarket Prep Stock Of The Day: United States Natural Gas Fund (ARCX: USO)
Back to monthly support, can it hold? Read more on USO here.
