The S&P 500 index futures continue to be in a holding pattern with an inside day. After Tuesday’s weak close and the follow through in premarket trading, the bears were poised to take the index under 4100 and beyond.
However, as investors have witnessed over the past several sessions, the bulls will not relent. The early morning breach of the premarket low was met with buyers well above Tuesday’s low and the rebound was on.
The index struggled for a while to reach the premarket high, but once it was breached the index went green and continued to drift higher. The post-lunch rally stalled in the mid-4150 handle, but the 10+ retreat was met with buyers.
The index caught a sustained bid in the final 15 minutes and was able to make a new high for the session and ended the session just off it. The end result was a solid gain of 13.75 handles with a closing price of 4158.25.
Alphabet Inc. (NASDAQ: GOOG) was the biggest winner of the top components of the index. For the session, the issue added $2.15 or 2.26% with a closing price of $97.10 which ends a four-day losing streak.
That was nearly 2% better than the cash index’s gain of 0.33%.
In a risk-on day, Johnson & Johnson (NYSE: JNJ) was the biggest loser of the top components of the index. For the session, the issue declined by $2.67 or 1.6% to close at $159.37.