After a little over a week’s reprieve, the bears are back in control of the market. Whether it be the double top from Monday and Tuesday in the S&P 500 index futures, weak consumer confidence and housing data, or increased tensions between US and Russia, the S&P 500 index futures are much closer to last Thursday’s close (3799.75) than the recent high for the rebound (3950).
Technical traders feasted on the double top that was made early in the session from a robust premarket rally that parlayed into a strong open. However, the market quickly reversed from the weak economic data that came out at 10:00 AM EST.
The pace of the decline accelerated when the index went red for good just before 11:00 AM EST. It continued to make lows for the session, with intermittent fake rallies, and plunged again. Sellers were relentless right into the closing bell as the index finished just off its daily low, falling 78.25 handles to close at 3825.50.
Exxon Mobil (NYSE: XOM) followed Crude Oil higher and was the biggest gainer of the top components of the index. For the session, the issue gained $2.48 or 2.8 percent.
That was nearly 5 percent better than the cash index’s decline of 2.0 percent.
Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components. For the session, the issue declined by $8.87 or 5.26 percent.
PreMarket Prep Stock Of The Day: Nike Inc. (NYSE: NKE)
Q4 beat and stock buyback cannot save the issue from reaching its lowest level since August 2020. Read more on NKE here.