With less than one hour remaining in the session, a new low for the move was in place, and the only question that remained was if the index was going to breach 3800. In a furious final hour, the index, down 90 handles at the low, roared back to close in the green by 1.75 handles at 3899.75.
Now both the bulls and bears are widely confused. The bears get the win for the week, making it now a seven-week losing streak, falling 120.25 to post the lowest weekly close since mid-March 2021. The bulls boldly defended the 3800 level and have some heavy lifting to do to take out the pair of weekly highs just under 4100.
The safety trade in Friday’s session was in focus as evidenced by UnitedHealth Group Inc. (NYSE: UNH) being the biggest gainer of the top components. The issue ended a five-day losing streak by gaining $7.25 or 1.51 percent to close at $485.73.
That was much better than the index which was flat for the session.
The bears are coming for Tesla Inc. (NASDAQ: TSLA) which was the biggest loser of the top components. For the session, the issue declined by $45.52 or 6.4 percent to close at $663.90. Since Musk announced his takeover of Twitter Inc. (NYSE: TWTR), the issue has lost 34 percent of its value ($1008.78) and under the current terms of his margin loan, would have to put more cash or stock at $570.
