The S&P 500 index is on another streak and it is not a good one. Not only has the index been lower in the last three sessions, but it has also been in the red in five of the last six sessions. Based on the weak close, we may be in for another down day tomorrow.
There was only one level of relevance in today’s session. Wednesday’s closing price of 3806.25. Of course, it traded well above during premarket trading, it peaked just above that off the opening of the regular session and snuffed the attempted rally that came to an abrupt halt in the final 15 minutes of the session.
The index established a new closing low for the recent move by a wide margin, shedding 34 handles to close at 3772.
The risk-off trade enabled Johnson & Johnson (NYSE: JNJ) to be the biggest gainer of the top components of the index. For the session, the issue gained $2.90 or 1.8% to close at $166.18.
That was nearly 3% better than the cash index’s decline of 0.84%.
Nvidia Corp (NASDAQ: NVDA) was by far the biggest loser of the top components. For the session, the issue declined by $7 or 5.3% to close at $125.61.