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On the surface, the S&P 500 did not do much this week, at least on a closing basis. After ending last week’s quadruple expiration at 4421.75, the index added 24 handles for the week. A third of the gains for the week was made on Friday as the index added 7.75 handles to close at 4445.75.

The substantial downside price action in the index took place during premarket trading. After rallying to 4451.50 around 9 PM EST, the index reversed course. It drifted lower and the low for the session was made during premarket trading around 9:00 AM EST at 4410.75.

Off the open of the regular session, bulls took control once again pushing the index into the 4440 handle, and then took a breather for much of the late morning and early afternoon. Once the index was able to hold the close (4438) heading into the final hour, the index attempted to make a new high for the week.

In the final 15 minutes of the session, it made it a new high (4453) that was shy of Thursday’s high (4455). As a result, investors have a solid resistance area (matching highs) from Thursday and Friday to determine if the rally has yet another leg higher.

Of the top components of the index, Tesla Inc. (NASDAQ: TSLA) led the charge higher closing at a five-month high. For the session, the issue added $20.75 or 2.75% to close at $774.39. That far exceeded the cash index’s gain of 0.15%

Johnson & Johnson (NYSE: JNJ) was the biggest loser of the top components declining $0.50 or .3% to close at $164.36. Investors should keep an eye on this issue. The reason being, it has had four nearly matching ranges in a row encompassing $163.63 to $165.98 area as it consolidates above the low of the recent move ($162.17). Special Event on Tuesday, September 28 at 1:00 PM EST. Gene Munster vs. Mystery Guest

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