Following two solid up days on Friday and Monday, the S&P 500 went in the same direction, but in a more tamed fashion. In fact, the index never went red for the session, as the low for the day was 4476.75, which was just above Monday’s close of 4475.50. It should be noted that the index’s 15.25 range was a third of its expected nine day average true range of 42.50.
The index did punch to a new all-time high in premarket trading reaching 4492 around 3:00 AM EST, but could do no better than 4488.50 during the regular session. A quick retreat off the open found support ahead of the premarket low at 4476.75 and the index spent much of the day chopping around in the lower 4480 handle.
At the close, the index improved on its all-time closing high price by 7 handles ending the session at 4482.50.
For the second day in a row, Amazon.com (NASDAQ: AMZN) led the charge to the upside. While the index added 0.19%, Amazon.com added $39.91 or 1.2% to close at $3305.78.
After its unusual three day $14 run on a closing basis, Microsoft (NASDAQ: MSFT) fell subject to profit-taking as it declined $2.03 or 0.62% to end the session at $302.62.
PreMarket Prep Stock Of The Day: Peloton Interactive Inc. (NASDAQ: PTON)
A trio of analysts’ bullish price targets bolstered Peloton to its best day since July 19.
More on Peloton Interactive Inc. https://tinyurl.com/4vkbysnd