It has always been emphasized in the daily wrap that S&P 500 index futures move in streaks, good and bad ones. Unfortunately, the index is on a six-day losing streak heading into the end of Q3. To make matters worse, the index has been lower in eight of the nine last sessions.
The early morning rally was submarined by a tanking in the iShares 20+Treasury Bond ETF (NASDAQ: TLT) accompanied by a strong rebound of the dollar off its intraday low. It is no coincidence that the index’s six-day losing streak has come while the dollar has had a nine-day winning streak.
Not only did the index make a new low for the year, it also made a new closing low for the second day in a row. For the session, the index declined by 9 handles to close at 3661.
The resilient Tesla Inc. (NASDAQ: TSLA) was the biggest gainer of the top components. For the session, the issue gained $6.93 or 2.5% to close at $282.94.
That was almost 3% better than the cash index’s decline of 0.25%.
Meta Platforms Inc. (NASDAQ: META) continues to bleed and was the biggest loser of the top components of the index. For the session, the issue declined by $2.97 or 2.2 percent to close at $134.40. That marks its lowest closing price since January 2019.
PreMarket Prep Plus Covers The Open
Dennis emphasizes the importance of following the price action in the iShares 20+Treasury Bond ETF (NASDAQ: TLT). Read more on TLT here.
