While the propensity for the S&P 500 index futures to finish the week on the highs or lows didn’t play out, the recent theme of V-shaped reversals continued for Friday’s session, this time in a bearish direction.
The overnight session started out fairly quiet as the bulls waited until the early morning hours to initiate a rally. Once the opening bell rang, the bulls quickly breached the premarket high and the pace of the rally accelerated. They continued on for the first hour of trading, peaking at 5900.75. Unfortunately, that was where sellers came back in the mix.
In a complete reversal of direction, the bears were soon testing support at the premarket high. Support held during the lunch hour, but the bulls didn’t seem to return after the break, and the selloff resumed.
Support was once again found, but it was below the premarket low in the 5840 area. For the rest of the afternoon, bulls were mostly able to defend that area, turning the action into chop.
The session still concluded near the day’s low at 5835, losing 3 handles. While the day ended nearly flat, that makes for a loss of 71 handles or 1.20% for the week.
Though it was a much smaller gain, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer among top components for the second day in a row. The EV maker was able to further its post-earnings rally by $8.71 or 3.34% to close at $269.19 for the day, setting new 52-week highs.
That performance was a clear three percent better than the cash index’s scratch decline of 0.03%.
Conversely, banks were under pressure during Friday’s session and the biggest loser among top components ended up being JPMorgan Chase & Co (NYSE: JPM). For the day, the banking behemoth declined by $2.67 or 1.19% to close at $222.31.
