Market Overview

S&P 500 Index Futures Trading Flat

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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 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 pre-market 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 two large banks in its top 10 components. Well Fargo (NYSE: WFC) is trading lower by $0.51 at $55.53 and JP Morgan (NYSE: JPM) is trading lower by $0.43 at $65.62.

The strongest component is Exxon Mobil (NYSE: XOM), which is trading higher by $0.44 at $87.41 despite weakness in Crude Oil futures.

The SPDR S&P 500 ETF Trust (NYSE: SPY) $212.23, down $0.02.

 

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Posted-In: Pre-market outlookFutures Technicals Intraday Update Markets Movers Trading Ideas

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