If you missed Friday’s breakout of the recent trading range, and did not chase on Monday, you had the opportunity to “buy the dip.” The decline from Monday’s intraday high almost took the index to the top of the former trading range as the premarket and early session dip found support under 3900.
It was a tug of war in the S&P 500 index until Noonish, when the bulls established a sustained bid above the double close from Friday (3915.50) and Monday (3913.75).
The gains appeared to stall in the final hour, but the bulls became more aggressive in the final 15 minutes which enabled the index to make a new high late in the day. For the session, the index added 27 handles to close 3940.75. Although the index did not make a new high for the recent rebound, it did improve on the closing high by 35 handles.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest winner of the top components as mega cap technology stocks are showing signs of life. For the session, the issue advanced by $2.51 or 2.9% to close at $89.87.
That was over 2% better than the cash index’s gain of 0.69%.
The value trade continues to come off as UnitedHealth Group Inc. (NYSE: UNH) was the biggest loser of the top components. The issue has been lower in five of its last six sessions, with the outlier being a meager $0.06 on Monday. For the session, the issue declined by $4.06 or 0.83% to close at $486. For 2023, the issue is in the red by $44.18 or 8.3%.
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