S&P 500 Index Futures Range Bound
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 two points at 2122.50. The index has had three consecutive days of less than average daily ranges and is on its way to a fourth one.
So far, the index has found resistance just above its all-time closing high (2126), reaching 2126.75. On the downside, it has breached Tuesday's low (2121.25), but only declined to 2119.25 before rebounding.
Its two top components, Apple Inc. (NASDAQ: AAPL) and Exxon Mobil Corporation (NYSE: XOM), are slightly in the green. Two of its components in the financials, which has buoyed the index over the last few days, Wells Fargo (NYSE: WFC) and JP Morgan (NYSE: JPM) are trading modestly lower.
The SPDR S&P 500 ETF Trust (NYSE: SPY) was trading at $212.98, down $0.05.
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