The stage is set for Friday’s quadruple, expected to be the biggest unwind since 2008, with the index hovering above a major support level. In order to avoid a test of the June lows, the index must hold the current low for the month at 3900.
With thirty minutes remaining it appeared that the index was going to breach that level today as it came close, reaching 3905. However, when the index began to distance itself from the intraday, buyers on weakness had to turn into buyers into strength, which is much more difficult.
As a result, the index was able to put some distance between the critical support level with a minor rally into the close. Nevertheless, the index did post its lowest close for the month as it ended the session in the red by 47.25 handles with a closing price of 3919.25. That comes in just under its September 6 close of 3927.25
The index exhibited weakness in the after-hours with the last print being at 3910.
An upbeat outlook from Humana Inc. (NYSE: HUM) gave a boost to shares of UnitedHealth Group Inc. (NYSE: UNH), making it the biggest winner of the top components of the index. For the session, the issue gained $13.14 or 2.91% to close at $522.91
That was 3.5% better than the cash index’s decline of 1.13%
From the biggest gainer of the top components, to the biggest loser on Thursday is Exxon Mobil. The issue fell victim to a steep decline in Crude Oil and shed $2.87 or 2.9% to close at $94.80.
PreMarket Prep Stock Of The Day: Draftkings Inc. (NASDAQ: DKNG)
Football, you bet!!!!! NFL and college football betting allows the issue to be having a much better September than the S&P 500 index. Read more on DKNG here.