Over the last 26 trading sessions, the S&P 500 index futures have been in a trading range from 3945.75 (last week’s low) to 4180 (Tuesday’s high). Most of the trading action has taken place between 4000-4100 and Tuesday’s premarket rally extended the top of the range by nearly 40 handles.
Taking from Tuesday’s premarket high (4180), it has been a quick 272-handle slide to Thursday’s low (3908). Although it has been a rough year for the index, that steep decline without any meaningful rally has been a rarity.
The premarket action set the tone for the regular and once the attempted rally off the open failed, the bears were in firm control. Once the index breached its weekly low, the pace of the decline accelerated. However, the index found support just above the psychological support of 3900 at 3908, but was unable to trim the losses in the final hour of the session, closing at 3897.
The one and only winner of the top components, and therefore the biggest, was Tesla Inc. (NASDAQ: TSLA). For the session, the issue added $0.87 or 0.55% to close $157.80.
That was just over 3% better than the cash index’s decline of 2.53%.
The top component of the index was the biggest loser (NASDAQ: AAPL). The issue is now approaching the lower end of a trading range ($135) that has held since mid-October. For the session, the issue declined by $6.71 or 4.7% to close at $136.50.
PreMarket Prep Stock Of The Day: Roblox Corp (NYSE: RBLX)
The company chose a bad day to deliver bad news. Read more on RBLX here.
