S&P 500 Futures Giving Back Some Of Wednesday's Gains; Is Apple To Blame?
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
S&P 500 index futures are trading lower in Thursday's session. After peaking just shy of Wednesday 's high (2099.75), only reaching 2099.00 in premarket trading, it has been unable to reach Thursday's close (2092.50).
Weakness in its top component Apple Inc. (NASDAQ: AAPL), which failed just above Thursday's high ($129.160, reaching $129.25 before reversing course and falling under $128.00), is weighing heavily on the index.
So far, the index has reached 2077.25 and is attempting to stabilize. Because of the vacuum action in trading from Wednesday's session, it is difficult to identify a major support level.
One potential area of support may be the area of the closing prices from Monday's session at 2066.5 and Tuesday's session at 2066.25.
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