Skip to main content
Articles

Daily Wrap-Up: Whipsaw of Anticipation | January 30, 2023

By January 30th, 2024No Comments2 min read

Tuesday’s session in the S&P 500 index futures was characterized by uncertainty, removing any hope for a follow-up to Monday’s rally. With traders and investors eyeing Wednesday’s FOMC meeting and key earnings reports after Tuesday’s close, the market lacked a definitive direction.

Early in the overnight trading, the bears established control, setting up resistance slightly above Monday’s intraday high. This bearish sentiment mostly persisted through the premarket hours, leading to a lower open for the regular session. Initially, it appeared that the bulls might regain control after the opening bell, as they pushed the index futures up to test Monday’s closing level. However, the bears were not to be outdone and soon reasserted their influence.

The day unfolded with numerous tests of both the premarket lows and the highs seen Monday and overnight, resulting in a session full of choppy and unpredictable movements.

In the final trading hour, the bulls briefly pushed the index to new all-time highs, albeit by a narrow margin. This surge was short-lived, and the session concluded with a modest selloff. The index futures closed near the midpoint of a tight 15.75-handle intraday range, down by a total of 3.50 handles at 4951. Post-session, the decline extended by an additional 13.50 handles following disappointing earnings from Alphabet Inc. (NASDAQ: GOOG, GOOGL) and others.

Among the top components of the index, JPMorgan Chase & Co. (NYSE: JPM) led as the biggest winner, buoyed by analyst price target raises. The banking giant’s stock rose by $3.54 or 2.05%, closing at $176.27.

That outperformed the cash index’s decrease of 0.08% by over two percent.

Conversely, Apple Inc. (NASDAQ: AAPL) was the biggest loser in anticipation of its earnings report set for Thursday after the market close. The tech giant’s stock declined by $3.69 or 1.92%, ending the day at $188.04.