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In a remarkable fashion, the S&P 500 index futures rebounded from being in the red by 120 handles to closing in the green.

It is impossible to pinpoint the exact reason for the rebound, but as traders/investors, it is important to react to the price action, however crazy it may be, and not to worry about the who, what, or why.  The reason is, nobody knows anything.

Now the price action of today is in the past, it is important to learn from it to make better decisions in the future.  As always, the importance of the premarket lows, not only in the index, but in individual issues as well may have led to timely entries on the long side.  While those levels do not always hold, it does give a good indication of where larger buyers are focused.

For example, the S&P 500 futures index made a premarket low of 4101.75.  Off the open, the bears pressed to breach that low but could do no better than 4108.75.  For those brave enough to take a stab at the long side off the open, a breach of the premarket low would have been a prudent exit point.  Where to exit that long is the harder part.

Super high beat Nvidia Corp (NASDAQ: NVDA) was the biggest gainer of the top components of the index.  The issue was able to snap a four-day losing streak, gaining $13.61 or 6% to close at $237.48.

That was four times the cash index’s gain of 1.50%.

With the futures course of interest rate hikes tabled, for now, JP Morgan Chase & Co. (NYSE: JPM) was the biggest loser of the top components.  For the session, the index declined $4.69 or 3.15% to close at $144.

PreMarket Prep Stock Of The Day: Palo Alto Networks Inc. (NASDAQ: PANW)

Investors flock to cybersecurity issues in the wake of global tensions on the rise. Read more about PANW here.