Friday’s session amounted to an inside day for the S&P 500 index futures, but bulls and bears still found plenty to fight over inside the range.
Overnight was a fairly quiet affair, with bulls and bears oscillating around unchanged for the most part. Once the opening bell rang, the chop picked up in earnest, and the index futures dipped into both the red and the green. Amid the back-and-forth, support mostly held at the premarket low, though bears did manage to notch the low down to 7431.50.
After another test of that area, bears started to give way and bulls initiated a rally into the green. Late morning reports of Iran being pushed by China to talk with the United States seemed to help the cause along. Buying slowed as bulls neared the 7500 area, with the action topping out at a high of 7496.50. Once it was clear that resistance would hold, bids gave way and sellers began clawing back some of the gains. Support was found near the daily pivot, which also marked the premarket high, and bulls defended that area until the final two hours. A quick selloff then dragged the index futures back into the red, but support held firm at the day’s low.
The session concluded with small chop in the lower half of the day’s range at 7447.50, gaining 2.50 handles. For the week, that makes for a loss of 50.25 handles, or 0.67%.
Monday, market participants can look forward to June’s durable goods orders at 8:30 AM ET, along with another load of earnings reports in the morning and evening, though mostly from less notable, non-megacap companies.
Among the top components of the index, Apple Inc (NASDAQ: AAPL) emerged as the biggest gainer. The tech giant advanced by $11.36 or 3.53% to close at $333.02 for the day.
For those keeping track, that performance was over 35 times better than the cash index’s advance of 0.10%.
Conversely, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). For the day, the chip designer declined by $10.55 or 2.69% to close at $381.92.
