The herky-jerky price action in the S&P 500 index futures continues. Since the index’s three-day winning streak in mid-July, the index cannot put together a string of three consecutive days in either direction.
Following up-days on Friday and Monday (which had a strong close), the index went red around the opening of the premarket stock session (4:00 AM EST) and never was able to recover.
The bears scored a minor victory as Monday’s low was breached, but not by much (4591 vs. 4595.25), but the battle for control of 4600 is yet to be determined.
That is reflected in the closing price of 4601.25, which is lower by 13.25 handles for the session.
From a technical point of view, the bulls need to get the index over the trio of highs at the 4620 for the rally to continue. The bears need to crack the pair of lows from Monday (4595.25) and Tuesday (4591) and turn 4600 as an area of major resistance instead of a battleground for control.
Among the top components, Meta Platforms Inc. (NASDAQ: META) was the biggest winner. The issue shrugged off the negative news that consumers were leaving the “Threads” platform and had a solid day. For the session, the issue added $4.11 or 1.3% at the closing price of $322.71.
This performance was better than the cash index’s small decline of 0.27%.
Conversely, Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components. Following the US opening a probe into 280k new Tesla vehicles over the loss of power steering control, investors were exiting the issue. For the session, the issue declined by $6.36 or 2.37% at the closing price of $261.07.
