The S&P index futures had a strong final week of the quarter, trading higher in four of the five sessions. Friday’s rally of 57.75 handles or 1.4% was the biggest one of the week. The index already had strong upward momentum going into the session, and got a boost when the PCE inflation data came in under estimates.
For the week, the index tacked on 136.50 handles or 3.4%. The end result for the volatile quarter was a solid gain of 242 handles or 6.2%. That marks back to back winning quarters since mid-2021.
For now, the bears have no daily resistance levels to lean on as there are daily highs between Friday’s high (4142.5) and index’s February 16 high (4203.50)
The biggest winner of the top components was Tesla Inc. (NASDAQ: TSLA). The issue broke out of an eight day consolidation by gaining $12.18 or 6.2%.
That was four times the cash index’s advance of 1.44%.
The biggest loser of the top components was the smallest winner, Exxon Mobil (NYSE: XOM). It had a fractional gain of $0.14 closing at $109.66.
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