While the bears were victorious for the week, the bulls made a minor stand to end the week.
The sharp decline from the premarket session continued off the opening bell, but the bulls defended the index futures June 12 low (4348.75), making the low for the session 4350.
The herky jerky rebound seemed to stall at unchanged several times before blasting through and almost reaching 4500, as the high for the session was made at 4396.
The bears would not go down without a fight and became aggressive heading into the final ten minutes to wipe out the gains for the session.
The end result was basically a scratch for the session, 4382.75 vs. yesterday’s 4384.50 close. From a weekly perspective, it was the worst one since early March, which at the time was a major turning point in the index to the upside. For the week, the index declined by 98 handles or 2.15%.
Among the top components of the index, Exxon Mobil (NYSE: XOM) was the biggest winner for the second day in a row. For the session, the issue added $1.71 or 1.6% at the closing price of $110.11. Despite the back to back green days, the issue was lower on the week by $1.72 or 1.5%.
That performance was much better than the cash index, which was flat for the day.
In contrast, Alphabet Inc. (NASDAQ: GOOG) was the biggest loser of the top components. The issue, which had been green for the week at Thursday’s close, succumbed to the market forces. For the session, the issue declined by $2.35 or 1.81% at the closing price of $128.11.
For the week, the issue declined by $2.06 or 1.6%. That was better than the cash index’s decline of 2.1%.