The recent theme for the S&P 500 index futures to decline and bounce right back up continued for Monday’s session. This time, even with a shortened week, the buyers maintained their rally in a big way.
In the early morning premarket hours, after the bulls were unable to maintain a bid above Friday’s high, the bears started to take control. By the regular session open, the index futures were trading just above the premarket low. The bears were quick to breach the premarket low and test the daily pivot level after the opening bell, but the buy-the-dippers were ready. By the end of the first hour, the bulls had taken back the reins and started their rally back to the premarket high, near Friday’s high and previous all-time closing highs
Once the bulls breached and held that level, the pace of the rally accelerated greatly. What was a quiet Monday turned into a bull stampede as they marked new all-time highs throughout the day, peaking at 5561.25. The rally subsided during the final two hours when buyers started to be matched by sellers.
The final half hour saw a retreat off the all-time high area as profit-takers and other sellers took advantage of the rally. The session concluded somewhat near the day’s high at a new all-time closing high of 5546.25, gaining a healthy 44 handles.
Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer for the third day in a row. The chip designer continued its post-earnings/pre-split run, advancing by $93.83 or 5.41% to close at $1828.87 for the day, making new all-time and all-time closing highs.
That performance was over six times better than the cash index’s decent advance of 0.80%.
The only, and therefore biggest loser ended up being NVIDIA Corp (NASDAQ: NVDA). After making new all-time highs in the morning, the chip designer declined by $0.90 or 0.68% to close at $130.98.
