This week’s consolidation phase persisted in today’s trading session, with the S&P E-Mini Futures holding support around the 4265 area and resistance around the 4305 area. The session kicked off with a relatively swift red to green move, and the rally gained momentum after the first half hour.
Approaching the close, the index momentarily peeked above the 4300 level but fell short of breaking the 4305 mark. The day concluded with the index recording a 24-handle gain to close at 4298.25. As the index appears to be winding up, the market seems primed to break out of the current trading range in the coming week, once the CPI and FOMC results are revealed.
Among the top components, Tesla Inc. (NASDAQ: TSLA) continued its winning streak, posting a solid gain of 4.58% to close at $234.86. This uptick comes in response to the fresh news that General Motors will be adopting the NACS connector, a technology pioneered by Tesla, for its future electric vehicles.
This gain notably outpaced the cash index’s increase of 0.56% for the day.
In contrast, Exxon Mobil Corp. (NYSE: XOM) ended the day as the biggest loser among the top components, declining by 0.31% to close at $108.19, likely in sympathy with the downward trend in crude prices.