One would think in the midst of a brewing financial crisis, that the S&P 500 index futures would be deep in the red for the week. Wrong. Thanks to the fleeing into mega-cap technology stocks, which are the top components of the index, it ended up in the green.
For the session, the index shed 47.50 handles in a volatile quadruple witch expiration session at closing price of 3947. However, for the week, the June contract added 49.50 handles for the week.
Over the nail-biting (not only over your brackets) weekend, the bulls need to make a strong defense of Friday’s low (3932.50) or the bears will be in firm control.
Alphabet Inc. (NASDAQ: GOOG) was the biggest winner of the top components for the second time this week, which has not happened in quite some time. For the session, the issue added $1.39 or 1.38% with a closing price of $102.46.
It had one of its best weeks in months as it advanced $11.45 or 12.5%.
Friday’s move in the issue was 2.5% better than the cash index’s decline of 1.19%.
Uncertainty in the financial sector made JP Morgan Chase & Co (NYSE: JPM) the biggest loser of the top components. For the session, the issue swooned $4.94 or 3.78% at a closing price of $125.81, which matches its loss for the week.
Joel Elconin Interview with KE Report: Trading Strategies Around The Current March Market Madness
Read more and listen to the interview here.