SPX 3339.19 (59.7) , or -1.76%
It is tough sledding these last couple of weeks. NO ONE knows what is going on. The market is acting like a lighting bug in a bottle, bouncing around violently in all directions looking for an escape.
Yesterday we opened higher, which I suspected would occur. I pointed out that we would likely test the previous day's high, and we did within $1 SPX point. That is as close of a shave as you get in a 3400 index. That is the same as $0.01 in $34 stock.
We sat at the previous day's highs for the first 100 minutes before falling on news that took AAPL lower, and we followed suit. As AAPL fell from 120.50 to lower levels the SPX followed moments later, indicating traders are still nervous about further AAPL declines.
Later, we heard that the Senate did NOT pass further stimulus. At first, the market didn't seem to mind or react, but it did slowly erode AAPL's price. This sent the market to levels below the unchanged line.
Two hours before the close, traders gave up hope of a bounce, and sellers came back in force the SPX to 3329.25 and AAPL down over -$4 on the day. The close did NOT see market orders to sell on the bell, rather we were still following AAPL for direction. Because AAPL started to bounce a little off its lows the SPX bounced $10 points off its lows – closing down -1.76%.