The ranges for the day, week and month just keep getting smaller and smaller. In fact, the S&P 500 futures index had its smallest weekly range (61.75) since mid-July 2021. The bears are fully entrenched in the 4170 area and bulls are making a stand at the 4115 area.
Over the last three sessions, the highs for the day have been within 9 handles and the lows for the day have been with 10 handles. From a technical perspective, the double bottom from Wednesday (4112.25) and Friday (4111.75) and whether or not it holds could determine the next major move in the index.
For the range bound session, the index declined 5.75 handles at the closing price of 4138. That just about makes it a scratch for the week with a slight decline of 12.25 handles.
For the third day in a row, Alphabet Inc. (NASDAQ: GOOG) was the biggest winner of the top components of the index. The issue has been higher in six of its last seven sessions, with the outlier being a small decline of $0.30 on Wednesday. After gaining $1.02 or 0.8% at the closing price of $117.92, the issue has added $12.71 or 12% during its seven day stretch.
Friday’s gain was over one percent better than the cash index’s decline of 0.14%.
Tesla Inc. (NASDAQ) was the biggest loser of the top components of the index. What should be concerning to shareholders of the issue, is that it turned a $5+ gain early in the session into a loss of $4.10 or 2.4% at the closing price of $167.98.