Range trading, albeit a very large range, continues in the S&P 500 index. Although some highs and lows over the last three sessions have been made in premarket trading, there is some major support and major resistance developing in the index.
Let’s examine the ranges over the last three sessions. In Friday’s hectic section, the index bottomed in the premarket at 4260 and mounted a furious rally to peak at 4365.75. In Monday’s premarket trading, the index peaked just ahead of that high at 4362 and fell nearly 100 handles before bottoming in the regular session at 4267.60. In Tuesday’s session, the lower end of the range was reached in premarket trading, when the index bottomed just ahead of Monday’s low at 4269. The rebounded sharply off that low and worked its way to 4359.75
However, it trimmed some of those gains going into the close. For the session, the index added 43 handles to close at 4334.25.
Just as the big-cap technology stocks plagued the index in Monday’s session, every one of the top tech components mentioned on Monday, far outpaced the gain in the cash index.
However, the biggest gainer of the top components is outside the top-iter of the big five. That being Nvidia Corp. (NASDAQ: NVDA) has been lower in five of its seven-session, with the two outliers being minimal gains. For the session, the issue gained $7.19 or 3.64% to close at $204.51. That far exceeded the cash index’s gain of 1.05%.
The biggest loser was the only one in the top components, which was Tesla Inc. (NASDAQ: TSLA), which pierced Monday’s low but rebounded.For the session, the issue declined $0.93 or 0.1% to close $780.60.