Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
S&P 500 index futures were trading lower by eight points at 2078.50 in Tuesday's session. Only three of its top 10 components are trading higher. Exxon Mobil and Chevron were trading higher off the rally in crude oil and JPMorgan Chase shares are trading higher by a $1.00 after Q1 EPS and revenue beat.
After trading lower during most of the after-hours and pre-market sessions, the index rallied off the open and found resistance ahead of the pre-market high (2092.75), only reaching 2090 before reversing course. So far, the decline has taken the index to 2075.75 before rebounding to 2081.75 and resuming its decline.
If the decline continues, there may only be minor support levels until Friday's low of 2066.75.
The SPDR S&P 500 ETF Trust SPY was trading at $208.28, down $0.80.
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