After the 100+ handle rally during Friday’s session in the S&P 500 index futures, one might think buying appetite has been temporarily satiated and wouldn’t continue in Monday’s session. And to a certain extent, that turned out to be true.
Overnight, the bulls were able to keep the index futures trading mostly in the green, and by the regular session open, were nearly setting new premarket highs. Off the opening bell, the bulls went to test resistance at the premarket high, which held strong. After testing that resistance area a few more times, the bears eventually gained an edge and started to make new lows for the day.
During the decline, the action paused around the weekly pivot area, then resumed its course lower once the lunch hour began. At the end of the lunch hour, the bears finally encountered support, and the index bottomed at 5246.75. In a similar fashion to Friday’s session, the buy-the-dippers soon showed up in full force, igniting a rally.
Though the rally was relatively slow and choppy for much of the afternoon, the final 5-10 minutes saw another surge of buyers, taking the index futures back into the green just before the closing bell. After remaining firmly in the red for most of the intraday action, the session concluded at 5297.25, tacking on 1.75 handles for the day.
Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer. The chip designer was able to advance by $53.67 or 4.90% to close at $1150.00 for the day, a new all-time closing high for the issue.
That performance was over 61 times better than the cash index’s marginal advance of 0.08%.
The biggest loser ended up being Tesla Inc (NASDAQ: TSLA). For the day, the EV maker declined by $1.79 or 1.01% to close at $176.29.
