The top of the recent trading range keeps coming down and so does the bottom of the range. Once the euphoria from the overnight rally in Chinese stocks abated, the bears went to work.
It was hardly a straight down affair. Although the S&P 500 index futures faded hard off the premarket high starting at 7 AM EST, it made a few attempts after the opening bell to go green and stay that way.
In fact, after breaching the previous low for the move by just over four handles (3943 vs. 3947.50), the index staged a rally that came up shy of the close around Noon EST. When the buying interest began to wane, the index headed towards the low of the session, but found buyers just ahead of it and began to rally.
The end result for the session was a decline of 19 handles with a closing price of 3956.50. That marks the lowest close for the index since January 19.
The biggest winner of the top components of the index was Exxon Mobil (NYSE: XOM). For the session, the issue gained $1.01 or 0.92% with a closing price of $110.92.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest loser of the top components. For the session, the issue declined by $2.12 or 2.2%.