All streaks come to an end, and the S&P 500 index added 29 handles to close at 3965.75 to snap its four day losing streak. The real bargains in the index came during premarket trading when the index came within a few handles of Wednesday’s low (3916 vs. 3914).
As usual, during a rollover of the futures contract, there were choppy and air pockets of price action during the regular session. The reason being large traders and institutions had to participate in both the December 2022 and March 2023 contracts to transition their current positions to the new front-month contract.
Late in the session, the index weaved and bobbed around 3960 before making a decisive move above it in the final five minutes of the session. Despite today’s rally, the index is destined to end the week lower by a considerable margin, as it ended last week at 4075.50.
Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. After gaining $10.49 or 6.5% to close at $171.69, the erased its four-day retreat in one session.
Alphabet Inc. (NASDAQ: GOOG or GOOGL) did not participate in the rally and was the biggest loser of the top components of the index. For the session, the issue declined by $1.20 or 1.26% to close at $93.95.
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