S&P 500 Was Mostly Flat In Quiet Trading

Key Insights

• Trading was calm amid low trading volume.  
• NASDAQ Composite declined as Treasury yields moved higher. 
• S&P 500 remains close to the important 4040 level which could be tested next week. 

Traders Were Not Ready For Big Moves In The Shortened Trading Session

S&P 500 was mostly flat in today’s trading session. Trading activity was low as many traders have preferred to enjoy a long weekend.

Retailers’ stocks have been in focus today as traders tried to evaluate Black Friday activity. Walmart, Costco, Target, Amazon have been mostly flat today as traders failed to find enough catalysts for big moves. That said, Ralph Lauren and PVH Corp. were the biggest gainers in S&P 500.

Activision Blizzard was among the biggest losers today amid worries about the fate of Microsoft‘s acquisition. According to recent reports, the FTC could file an antitrust suit to block the takeover. Microsoft stock was flat in today’s trading.

The recent pullback in the oil markets put some pressure on energy stocks in the last hour of trading. The pullback in WTI oil was caused by reports that indicated that EU delayed talks on the Russian oil price cap until next week. Problems in price cap negotiations are bearish for oil markets as they increase chances that Russian oil exports will not decline after December 5.

Treasury yields and the U.S. dollar have moved higher today. Interestingly, these moves did not put any pressure on the S&P 500. Meanwhile, the tech-heavy NASDAQ Composite declined by 0.5% as tech stocks are more sensitive to changes in yields.

S&P 500 Is Stuck In The 4015 – 4040 Range

From a big picture point of view, nothing has changed in the last two days. S&P 500 managed to settle above the 4015 level and found itself in a range between the support at 4015 and the resistance at 4040.

S&P 500 needs to settle above the resistance at 4040 to continue its rebound. A move below the 4015 level may lead to a sell-off as some traders will rush to take profits after the recent rally.

For a look at all of today’s economic events, check out our economic calendar.