For all the headline-driven volatile trading action this week, the S&P 500 index futures have found a trading range, albeit a large one. Excluding the high for low for the week on Monday (4251.50) and the high for the week on Thursday (4418.75), the index has been a complete chop fest between the trio of lows (Tuesday, Wednesday and Friday) and the trio of highs just under 4400.
On a negative note, the high from Friday’s premarket session (4374.50), backed off from that area and the intraday high was even farther (4337) which may indicate sellers getting more aggressive. On the flip side, the bulls have made their stand with the aforementioned trio of lows defending the low for the week.
For the session, the index declined 32 handles to close 4327.75, which was a good portion of the losses for the entire week at 52.25. All things considered, not too bad when nuclear reactors came under attack by the Russian army.
The biggest winner of the top components of the index was UnitedHealth Group Inc. (NYSE: UNH). The issue extended its winning streak to seven sessions by adding $12.06 or 2.5%.
That was over three percent better than the cash index’s decline of 0.79%.
Nvidia Corp. (NASDAQ: NVDA) was the biggest loser of the top components. After putting in a triple top at $344 area (Tuesday-Thursday), the issue succumbed to selling pressure and declined $7.78 or 3.3% to close at $229.36.