At the onset of the regular session, the two-day rally was on. Thirty minutes into the session it was off. There was simply no interest from larger players to chase Thursday’s rally. As a result, the S&P 500 index futures index ended the week in the same place chopped around on Monday-Thursday, at 3600.
For the session, the index was lower by 84.25 handles at 3597.50. That brought the decline for the week to 55.75 handles. That puts it right back at the two-week close of 3601.25. Clearly, the index needs to decide if that level is going to be major support or major resistance. For now, it is neither.
The biggest winner of the top components of the index was UnitedHealth Group Inc. (NYSE: UNH). Following a Q3 beat, the issue added $3.22 or .6% to close at $514.80. It should be noted it ended the session well off its intraday high and closer to its intraday low.
That was 3% better than the cash index’s decline of 2.37%.
Tesla Inc. (NASDAQ: TSLA) led the beatdown in high-valuation technology and was the biggest loser of the top components of the index. For the session, the issue made a new yearly low by declining by $16.73 or 7.5% to close at $204.99.
PreMarket Prep Stock Of The Day: Citigroup Inc. (NYSE: C)
Stays in the green after Q3 beat. Read more on C here.