In a rare occurrence during premarket trading, what was deemed to be the bottom of the four-day trading range, instead marked the top of the intraday range. In a volatile premarket session, the index went from 22 handles in the green to 56 handles in the red.
Early in the regular session, the bears attempted to inflict more pain, but the bulls made a stand just above the premarket low and the index began to recover. With Wednesday’s low (3962) sandwiched between Monday’s low (3964) and Wednesday’s low (3962) the former support turned into intraday resistance as the index peaked at 3962.50.
Heading into the final thirty minutes, the index was approaching the low for the day, but caught a staunch bid that was aided by a sizable buy imbalance. As a result, the index closed lower by only 13.25 handles at 3955.25. That comes in shy of the lower end of its previous three-day trading range.
The index’s top component Apple Inc. (NASDAQ: AAPL) was its biggest winner. Similar to the index, the issue bottomed early in the session and advanced by $1.93 or 1.3%.
That was much better than the cash index’s decline of 0.33%.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest loser of the top components. For the session, the issue declined by $2.27 or 2.13% to close at $94.85.
PreMarket Prep Stock Of The Day: Dlocal LTD (NASDAQ: DLO)
The issue attempts to rebound following a scathing short report released on Wednesday by the Muddy Waters Research firm. Read more on DLO here.