The S&P 500 index is having its first four-day losing streak since early November, which set the stage for a major rally. The good news is that the bulls were able to defend Tuesday’s low after it was breached during premarket trading.
The bad news is that if Tuesday’s premarket low (3914) coincides with its November 17 low (3912.50), there is limited daily support to lean on. It was again the mega-cap technology stocks that were the drag on the index. Besides Tesla’s beatdown, Apple Inc., Microsoft Corp, and Alphabet Inc.’s decline far exceeded those of the cash index.
Wednesday’s decline of 8.25 handles, with a closing price of 3936.75, was certainly better than Monday’s and Tuesday’s shellacking of 72.25 and 58.25 handles respectively
Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. For the session, the issue gained $1.33 or 0.83% to close at $161.20.
That is a percent better than the cash index’s decline of 0.19%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components of the index. The issue was lower for the third day in a row by declining by $5.78 or 3.2% to close at $174.04.
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