TradingKey – SpaceX Weight in Nasdaq Doubled to 2.82%; Will the Stock Rally Further or Face a Sell-on-the-News Event?

On September 18 ET, SpaceX (SPCX) opened higher and moved up during regular trading hours, rising above $155 at one point before sliding continuously, briefly dropping below its first-day IPO opening price of $150 intraday, and ultimately closing down $1.36 at $152.71. As the Nasdaq 100 Index rebalancing approaches, does SpaceX’s surge and pullback indicate that the positive catalyst has materialized, setting the stage for a sharp decline?

According to Bloomberg, SpaceX’s weight in the Nasdaq 100 Index has been calculated based on last Friday’s closing price and will more than double from the original 1.28% to 2.82%. The…