Bears continue to rule the overall direction in the S&P 500 index futures, despite attempts by the bulls to “buy the dip” in Wednesday’s session.
Overnight, the bears had the index futures testing Tuesday’s lows, but the buy-the-dippers stepped in early. By the end of the premarket session, the index futures were trading comfortably in the green. The bad news for the bulls, is the opening print was nearly perfectly the high of the day, which also coincided with Tuesday’s high.
Sellers soon established their reign, pushing the index futures swiftly back into the red, past the premarket low and down to make new lows for the week. Support was finally found at 5047, where the buy-the-dippers returned. The rally that ensued took the index futures back up into the green, but only for a few minutes. The bears subsequently hammered bids until they encountered support in the 5060 area during the final hour.
The bulls tried to instigate a late-day rally, but were ultimately unsuccessful. They were, however, able to hold support, as the regular session concluded at 5062.25, lower by 30.25 handles. This makes for a four-day losing streak in the S&P 500 index futures.
Among the top components of the index, Alphabet Inc (NASDAQ: GOOG, GOOGL) emerged as the biggest winner. The search giant was able to advance by $0.88 or 0.56% to close at $156.88 for the day, even as news of further company layoffs hit the tape.
That performance was over one percent better than the cash index’s decline of 0.59%.
In a reversal from its role yesterday, the biggest loser was NVIDIA Corp (NASDAQ: NVDA). For the day, the chipmaker declined by $33.80 or 3.87% to close at $840.35.
