Capping off the shortened week with a shortened session, the S&P 500 index futures once again finished the week on the highs.
The lighter volume session began overnight trading in the green with the bears trying to test support at Wednesday’s close. Fortunately, the bulls fought back with a quick rally, pushing the premarket high up to the 6035 area. Unfortunately, bulls lost most of their lead by the time the regular session began.
While still starting in the green, bears were quick to test the premarket low after the opening bell. Support in that area held strong and bulls soon caught a bid that would last for the rest of the day. After the bulls broke through the premarket high, the pace of the rally somewhat slowed, but higher lows continued to be made.
Once previous all-time highs were breached, the rally soon slowed to a chop while marking a new all-time high at 6060. After closing imbalances were in for the day (and month), the final 10 minutes saw a sharp retreat as market participants adjusted their holdings.
The session still finished at a new all-time closing high of 6051.50, gaining 36.50 handles. For the abbreviated week, that makes for a modest gain of 64.50 handles or 1.08%. For the month, that’s a healthy gain of 313 handles or 5.45%.
Tesla Inc (NASDAQ: TSLA) led top components of the index, emerging as the biggest gainer. The EV maker was able to advance by $12.27 or 3.69% to close at $345.16 for the day.
That performance was a fabulous five times better than the cash index’s advance of 0.62%.
Though it wasn’t by much, the biggest loser was Alphabet Inc (NASDAQ: GOOGL). In addition to the recent DOJ antitrust case, news of Canada suing the company for anticompetitive ad practices over Thanksgiving seems to have buyers spooked. For the day, the search giant declined by $0.28 or 0.17% to close at $168.95.
