This relative strength could attract momentum funds into the position over the next trading week. The US Sep S&P composite PMI was revised upward by +0.3 to 53.9 from the previously reported 53.6. Elevance Health’s shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business. At $498, elevance stock price is nearing short-term breakout territory. Options market activity appears skewed toward calls, suggesting traders expect upside in the next two to four weeks.