A week into the Q1 earnings season and the S&P 500 index futures are still in a trading range. While the index has been unable to burst into the 4200 handle, it refuses to retreat to 4100.
Over the past five sessions, the index has been in just over a 50-handle range (4137-4198.25), which is unusual for the trading instrument.
Thursday’s price action reflected the uncertainty of the index. The lower open, instigated by Tesla Inc.’s (NASDAQ: TSLA) Q1 report and guidance was another “buy the dip” opportunity.
The cautious rally towards unchanged on the session was interrupted by unconfirmed rumors that Russia was preparing for an attack on Great Britain. The late afternoon breach of the premarket low only went a handle below last Friday’s low (4138), reaching 4137.
Buyers reemerged in the last thirty minutes of the session to trim the loss to the session to 26 handles at the closing price of 4152.50.
Alphabet Inc. (NASDAQ: GOOG) was the biggest winner of the top components of the index. For the session, the issue added $0.88 or 0.8% at the closing price of $105.90.
That was much better than the cash index’s decline of 0.62%.
Tesla Inc. (NASDAQ: TSLA) was the biggest loser of the top components of the index. For the session, the issue swooned by $17.60 or 9.7%.