The S&P 500 index futures failed to build on Wednesday’s gains, but also avoided significant losses, keeping price action confined in the middle of the last two-month trading range.

Early optimism lifted futures to a high of 6912.50 overnight before sellers stepped in and pulled the action back into the red. December’s US trade balance came in weaker than expected along with other macro releases, helping spark initial volatility that favored bulls briefly before settling into chop ahead of the regular session. After the opening bell, chop intensified though bulls managed higher lows and showed some momentum. Progress stalled right at Wednesday’s close, where resistance held firm for the rest of the day. 

After a few more tests of resistance, sellers regained control just before lunch and drove futures lower into the afternoon, bottoming at 6847.75 to form a double-bottom with Wednesday’s low. Bids finally held just above that level. The final hour saw shorts covering and dip buying that pared most of the day’s losses. The session closed near the day’s midpoint at 6877, down 17.25 handles.

Friday brings December’s PCE index data along with Q4 GDP and other macro releases plus a handful of earnings reports mostly in the morning.

Among the top components of the index, Meta Platforms Inc (NASDAQ: META) stood out as the biggest gainer, edging up $1.56 or 0.24% to close at $644.78.

That performance was barely better than the cash index’s 0.26% decline.

On the other hand, Apple Inc (NASDAQ: AAPL) was the biggest loser, falling $3.77 or 1.43% to close at $260.58.