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If investors looked at the opening and closing print in the S&P 500 index futures from the day session (only a few handles apart), one would think not much happened. Wrong!!

In fact, it was a treacherous session. The index started the regular session 55 handles in the hole, climbed back to only being down 13, and then fell apart. Most of the retreat came in the final hour as the index swooned from the 4140 area to close at 4099.75.

The onus is now on the bulls to establish a bid and hold in the 4100 area in the overnight session. That may not be so easy, as many investors that were later buyers into this rally may be reevaluating their stake.

The biggest winner of the top components was the smallest loser, Johnson & Johnson (NYSE: JNJ), which can be a bad omen. For the session, the issue declined by $1.11 or 0.70% with a closing price of $158.26.

That was almost half the loss of the cash index which shed 1.38%.

High-beta Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components after receiving a downgrade. For the session, the issue declined by $7.62 or 3.3% to close at $220.02.