Over the last eleven trading days, the S&P 500 index had been in a trading range, albeit a large one. The bottom of the range is defined by the multiple lows at 3800 area. A vast majority of the price action over this time period is between 3820 and 3880.
On one occasion, 3800 was breached, when the index bottomed on December 22 at 3788.50. Four of the last five daily lows (not Wednesday’s) were between 3804.50 and 3821.50.
On the upside, the index has crossed over into 3900 handle four different times, but was only able to close above it one time. The ultimate top of the range is defined by the double top just under 3920 from December 21 and 22.
Today’s extremely choppy session ended up being a win for the bulls with a gain of 28.50 handles at the closing price of 3874.50.
Nvidia Corp (NASDAQ: NVDA) was the biggest winner of the top components of the index. For the session, the issue was higher by $4.34 or 3% to close at $147.49.
That was over double the cash index’s advance of 0.74%.
Microsoft Corp (NASDAQ: MSFT) was the biggest loser of the top components of the index following a downgrade from UBS. For the session, the issue tumbled by $10.48 or 4.4% to close at $229.10.