Heading into Friday’s quadruple with expiration, volatility reigns supreme. At one point in the session, it appeared the index was about to cave in and test Monday’s low. A few hours later, it was breaching the major resistance at the 3970 area.
The index was able to have a strong close by adding 68.50 handles with a closing print of 3994.50.
For the first time in several sessions, it is nearly impossible to identify major resistance or major support. The reason being, the heightened volatility as market participants prepare for Friday’s quadruple witch expiration, coupled with the unpredictable news flow flooding the tape.
High-beta Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. The issue extended its winning streak to four sessions by gaining $13.13 or 5.4% at a closing price of $255.41.
That was triple the cash index’s advance of 1.74%.
Exxon Mobil (NYSE: XOM) was the biggest loser of the top components of the index. For the session, the issue declined by $0.55 or 0.5% at a closing price of $101.03.