Once again, the Globex low (4416.50) was not reached during the regular trading session.
On the retreat off the Sunday 6:00 PM EST open, the S&P 500 Index found support at Monday’s intraday low 4416, which just happened to be the low for Friday’s session.
On the upside, the index breached the pair of highs at the 4433 area and looked promising, until sellers emerged to make the new all-time high at 4438.25. Unsubstantiated chatter of rate hikes instigated a brief retreat, but the index found intraday support just under the close (4425.75) at 4422.25 and drifted higher into the close.
Once again, technology shares were weak and the financials continued to rally for the third day in a row, in the latest round of sector rotation. Bulls made a final push into the close, barely to a new all-time closing high, but the index was only able to match it, with a total gain of 4 handles at 4429.50.
PreMarket Prep Stock Of The Day: Fisker Inc. (NYSE: FSR)
If you are skeptical that Wall Street analysts can influence price action, then you should read the article.