Traders/investors need to be prepared for all types of trading activity, even if that means being patient on quiet, choppy, and inside days in the S&P 500 index futures. While last week’s trading action had the makings for a wild day, that was not the case.
There was no bad news over the weekend to instigate a sharp decline. On the other hand, investors have no more clarity and the pace of rises in rates, nor do they know what Russia has planned for Ukraine. Beyond that, what will be the US and its ally’s response to a potential ground war?
It was a “fade” kind of session when a breach of the premarket low was rejected just before 1:00 PM EST. On the upside, a match of the intraday high in the early part of the last hour was a fade as well.
Whatever the cause for the late day swoon, the index easily made a new low for the session but rebounded into the close. The end result was a decline of 16.75 handles to 4475.75.
Nvidia Corp (NASDAQ: NVDA), which has been up and down as of late, was the biggest gainer of the top components. For the session, the issue added $5.09 or 2.1% to close at $247.28.
That bested the cash index’s decline of 0.37%.
Alphabet Inc. (NASDAQ: GOOG or GOOGL), which has been under steady selling pressure following its Q4 beat, was the biggest loser of the top components. It was lower for the third day in a row, declining $81.56 or 2.85% to close at $2778.76.
PreMarket Prep Plus: “Briefing With Brent”
Brent Slava, head of the Benzinga Pro Newsdesk joined the show to discuss the volatile reactions to the recent earnings reports as well as future implications for issues not yet to report. Read more about the Q4 earnings briefing here.