On the day of the Federal Reserve Bank meeting you can count on one thing, volatility, and investors were not disappointed in Wednesday’s session. In fact, you could have been wildly bullish on the day and been on the wrong side of the market until just ahead of the final hour of the day.
For the session, the index futures added 126 handles to close at 4295.25
It is important not to get overly excited about today’s price action, or get too down over the price action last week. However, it is important to adjust your market expectations based on the overall price action.
For now, the bulls have made a stand by clearing defending the yearly low, while a new one was made, the index quickly distanced itself from it in the same session. For the bears, they have one and only one level to lean in the S&P 500 index futures. That being the potential triple top at 4303.50 area, with last Tuesday’s and Thursday’s high matching it to the tick and today’s high being at 4303.
If and when that level is breached will determine if this move higher is just getting started.
Meta Platforms Inc. (NASDAQ: FB) was the biggest winner of the top components of the index. It is now on a three-day winning streak, by gaining $11.38 or 5.4 percent to close at $223.41.
That was nearly double the cash index’s gain of 2.99 percent.
The biggest loser of the top components was the smallest gainer, which was Procter & Gamble (NYSE: PG). For the session, the issue gained $1.15 or 0.74 percent to close at $157.36.
PreMarket Prep Stocks Of The Day: Advanced Micro Devices Inc. (NASDAQ: AMD) and Airbnb Inc. (NASDAQ: ABNB)
After Q1 beats and raised guidance, both companies were discussed in detail on Wednesday’s show. Read more on AMD and ABNB here.