For the fourth day in a row, the S&P 500 index has traded in a narrow 60+ handle range. A vast majority of the price action has taken place just above and below 4150, which is closer to the top of the range (4111.75-4173.50).
If taking into account only the last two sessions and today’s inside day, the index has been confined to less than a 50 point range.
After the premarket gains of nearly 20 handles eroded off the opening bell, the index went red by 15 handles. However, the index found support comfortably ahead of Friday’s/weekly low (4111.75) and staged a rebound. That rally came up just shy of the premarket high and faded.
The index was able to maintain the gains from the mid-morning rally and gain 12 handles at the closing price of 4150.
An upgrade by Loop Capital enabled Meta Platforms Inc. (NASDAQ: META) to be the best performer of the top components. For the session, the issue gained $5.05 or 2.2% at the closing price of $238.86.
That was over seven times better than the cash index’s gain of 0.29%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components of the index. For the session, the issue declined by $1.63 or 0.97% at the closing price of $166.35.
