S&P 500 Index Futures Trading Flat

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 by one point at 2116.50 in Friday's session. After posting a new all time closing high on Thursday (2117.50), the index rallied to 2122.75 during premarket trading. However, it found resistance ahead of that level during the regular session, peaking at 2120.50 before reversing course. So far, the index is attempting to find support at 2113.25 and stage a rally. The index is being dragged down by the by the the two large banks in the top ten components. Well Fargo WFC is trading lower by $0.51 at $55.53 and JP Morgan JPM is trading lower by $0.43 at $65.62 in today's session. The strongest component is Exxon Mobil XOM which is trading higher by $0.44 at $87.41 despite weakness in Crude Oil futures.