The S&P 500 index futures have put in place its first four-day winning streak since late March. The rally was much different in character than Wednesday’s positive session as the intraday retreats were brief and shallow.
While investors had plenty of opportunities to buy the index unchanged or better during premarket trading, the index’s intraday low was nearly 20 handles above that (3866.50 vs. 3848). In fact, the intraday low was only two ticks below the 9:30 AM EST opening print.
The pace of the rally accelerated early in the session when Wednesday’s high (3875) was breached. With no daily resistance levels until its June 28 high (3950), buyers met minimal resistance from sellers for a majority of the session.
The index peaked heading into the final thirty minutes of the session at 3914.25. For the session, the index gained 56.75 handles at 3905. That marks the highest close for the index when it ended the June 24 session at 3916.25.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. The issue is now on a four-day winning streak similar to the index by gaining $38.32 or 5.5% at $733.63
That was almost four times better than the cash index’s gain of 1.40 percent.
The biggest loser of the top components of the index was UnitedHealth Group (NYSE: UNH). For the session, the issue declined by $0.91 or 0.18% at $514.38.
PreMarket Prep Stock Of The Day: Alibaba Group Holding Ltd (NYSE: BABA)
The rally of the March low reaches the highest level since February 27. Read more on BABA here.
