A new month, a new quarter, and hopefully the beginning of a new trend in the market. Although one day’s price action does not make for a new trend, Friday’s rebound may be a turning point for the market.
The reason being the bears made a few attempts to bust through Thursday’s low but were turned back on both occasions, once in the premarket and once in the regular session. Not only did the S&P 500 index distance itself from the potential double bottom, it closed significantly off that area by gaining 37.50 handles to close at 3827.00.
For the week the index was still in the red by 89.25 handles at that closing price.
Amazon.com (NASDAQ: AMZN) was strong from the opening bell and was the biggest winner of the top components of the index. For the session, the issue advanced by $3.35 or 3.2 percent to close at $109.56.
That was nearly triple the cash index’s gain of 1.06 percent.
The chips are still down as Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components for the second day in a row. It is now on a five-day losing streak as it declined by $6.36 or 4.2 percent to close at $145.23.
PreMarket Prep Stock Of The Day: Micron Technology (NASDAQ: MU)
Slashes guidance, but rebounds from the lows of the session. Read more on MU here.