After an oversized range to the upside on Monday, the S&P 500 index futures are taking a breather, which is now in its second day.
From a technical standpoint, there is a clear line in the sand on the upside and downside. Although it was not an exact inside day, it is close enough for me to call it that.
After the rally off the open fizzled out, the bears tried once again to get the index heading south. However, the buyers at Tuesday’s low (4770.50), were active once again as the index bottomed two ticks below at 4770.
On the upside, Tuesday’s all-time high (4798) still stands as the rally in the final hour came up just shy, peaking at 4796. What is somewhat concerning is how the index unraveled from the potential double top in the final ten minutes of the session.
What could have been another new all-time closing high by a nice margin did not turn out that way. While the index added six handles to close at 4784.50, it was only a few points higher than Monday’s former all-time closing high print of 4782.25.
Home Depot (NYSE: HD) was the biggest gainer of the top components. It was higher for the seventh day in a row adding $4.62 or 1.1% to close at $410.84.
That topped the cash index, which was higher by 0.14%.
Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components for the second day in a row. For the session, it swooned by $3.21 or 0.1%. On a positive note, it ended the day way off its intraday low of $293.66.
Wednesday’s With Wedbush: The firm’s Biotech Sector analyst, Laura Chico was the guest.
Laura wrapped the year for the underperforming sector and shared a few of her picks for 2022. Read more about the state of Biotech here.