As the earnings-packed week continues for the S&P 500 index, many positive reports are having an impact on the index futures, especially in Tuesday’s session.
While the bears tried to put pressure on the index futures overnight, support held strong and the index was able to stay in the green once the premarket session officially began. By the open of the regular session, the bulls were already approaching Monday’s high.
In contrast to recent days in the index futures, the opening price was nearly the intraday low, rather than being the intraday high. Soon after the open, the bulls were able to surge past Monday’s high and establish a strong rally. Resistance was finally encountered near Thursday’s high, where the rally started to slow. After turning that resistance level into support, the bull rally turned choppy, but continued at a slower pace until the end of the day.
The regular session concluded just below the highs at 5106.50, advancing by 59 handles. Buying also continued after hours, marginally advancing the high for the day (5113.50).
Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer for the second day in a row. The chipmaker was able to advance by $29.00 or 3.65% to close at $824.18 for the day.
That performance was over three times better than the cash index’s advance of 1.19%.
Though the market rally was broad, the biggest and only loser among top components was Berkshire Hathaway Inc (NYSE: BRK.B). For the day, the value-focused issue declined by a marginal $0.04 or 0.01% to close at $408.74.
