Many investors were awaiting the test of the June low in order to redeploy assets into the market or abandon it if it was breached.
For all intents and purposes, the S&P 500 index futures have survived the bear’s first attempt to breach it in Friday’s session. Going strictly by the levels in the December contract, a potential triple bottom is in place from its June 16 low (3657.75), June 17 low (3657), and Friday’s low (3660.25).
On a positive note, the index was able to distance itself from the intraday low in the final hour of the session. At one point the index was in the red by nearly 112 handles but trimmed the loss to 63 with a closing price of 3709.
The only winner of the top components of the index was Johnson & Johnson (NYSE: JNJ). For the session, the issue gained $0.54 or 0.32% to close at $166.72.
Exxon Mobil (NYSE: XOM) was destroyed as Crude Oil dipped under $80 for the first time since February. As a result, it was the biggest loser of the top components of the index. For the session, the issue swooned $4.82 or 5.3% to close at $85.75.
PreMarket Prep Covers Stock Market Adage “Sell Rosh Hashanah and Buy Yom Kippur”
The first part definitely came to fruition, will have to wait and see about the second part. Read more on the adage here.
