Tuesday’s session in the S&P 500 index futures may not have ended far from where it began, but the action was definitely not muted.
The regular session began in the green, nearly matching Friday’s high. The bulls tried to continue their premarket rally past the opening bell, but were quickly met by a wave of sellers. Soon enough, the bears were testing support at Monday’s closing level, which also coincided with the daily pivot. Once they broke through support, the wave of sellers continued to push the index swiftly lower.
It wasn’t until Friday’s low that support was found, but once tested, the bulls started their comeback. By the lunch hour, the bulls were able to recover around half the morning’s losses before they were met with more selling pressure. The bulls were not done however, as they showed up in full force for a late day rally in the final hour of the session. After overcoming another wave of sellers, they pushed the index futures back into the green, ending the day with a small advance of 7 handles, closing at 5260.25.
The intraday action formed a “W” shaped pattern, as traders and investors jockey for positions ahead of the CPI data set to be released tomorrow (Wednesday) morning at 8:30am EST.
Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer among top components of the index once again. The electric carmaker was able to advance by $3.90 or 2.25% to close at $176.88 for the day.
That performance was over two percent better than the cash index’s advance of 0.12%.
The biggest loser ended up being Eli Lilly And Co (NYSE: LLY). Following reports of an upcoming EMA meeting regarding a possible link between GLP-1 drugs and suicidal thoughts, the issue declined by $20.89 or -2.68% to close at $757.24.
