On the surface, it appears that there was pretty good trading action in Wednesday’s session. However, based on the S&P 500 index closing price of 4512.75, it was a minor, very minor win for the bears.
For most of the premarket trading and into the early morning, the index tried to shrug off the weak close on Tuesday, and was in the green until just after 2:00 AM EST. However, before the open for the premarket session at 4:00 AM EST, sellers took control of the index. In fact, the index was able to breach last week’s low (4500.75) reaching 4497 but staged a rebound.
Tuesday’s close (4519.25), could not be retaken off the open of the regular session, as the rebound was capped at 4520.25, setting the stage for another plunge. During this retreat, the index breached the premarket low falling to 4492. Once again, buyers resurfaced and sustainably trimmed the losses for the day.
From the open of the regular session (4512.50) to the index’s closing price of 4512.75, there was little change. However, from Tuesday’s close, the index was lower by 6.5 handles. This marks the first three-day losing streak since mid-July.
Visa Inc. (NYSE: V) was the top component of the index bucking the trend for the day. The issue rallied for the third day in a row adding $2.82 or 1.25 at $229.09. That is compared to the index’s decline of 0.13 percent.
The biggest loser of the top components was United Health Care Group (NYSE: UNH), which extended its losing streak to three sessions in a row, declining $5.85 or 1.39% to close at $415.39.
PreMarket Prep Stock Of The Day: Citrix Systems Inc. (NASDAQ: CTXS)
Investors took advantage of the surprise announcement by Elliot Management of their $1.3B activist stake and took some profits.
