S&P 500 Index Futures Under Selling Pressure
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 four points at 2090.75 in Tuesday's session. In the last two trading sessions, the index stalled just ahead of its all-time high (2110.25), peaking on Friday at 2106.75 and on Monday at 2107.00. In today's session, it struggled to reach 2100 handle, only reaching 2101 before reversing course.
So far the decline has taken the index through Monday's low (2093.25) and is attempting to find support in the upper 2080 handle, reaching 2088.25 and rebounding slightly. If the decline continues over the next few days, there may not any major support until the pair of lows from Thursday's (2076.50) and Friday's (2077.75) sessions.
Only one of the top 10 components that comprise nearly 20 percent of the index are in the green: Microsoft Corporation (NASDAQ: MSFT) were hanging on to a meager $0.22 gain at $43.07.
The SPDR S&P 500 ETF Trust (NYSE: SPY) recently traded at $209.50, down $0.52 (0.24 percent).
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