Buyers continue to show up in the S&P 500 index futures, both to provide support against sellers, as well as to bid up new all-time highs.
Overnight, the bulls fiercely defended the daily pivot area, not letting the bears gain any ground below that level. After rallying off that point during premarket hours, the bulls encountered resistance at Friday’s close. Once they broke through that, surpassing the previous all-time high was not a challenge.
By the open of the regular session, the index futures were trading above last week’s high, and soon continued higher. After peaking at 5637.50, bears and profit-takers started to take advantage of the morning’s rally. Despite trying to hold support near Friday’s high, the bulls weren’t able to hold a bid until the index neared Friday’s close once again.
The bulls were mostly able to hold that level for the afternoon, and made it into green territory one last time as the close neared. In the final 10 minutes, the buyers continued to bid up the index futures just as a buy-imbalance of over $2B came in. The session concluded just above the middle of the day’s range at a new all-time closing high of 5625.25, and despite the last-minute rally, gained a measly 3.75 handles.
Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer was able to advance by $42.55 or 2.50% to close at $1745.86 for the day.
That performance was over 20 times better than the cash index’s advance of 0.12%.
The biggest loser ended up being Meta Platforms Inc (NASDAQ: META). For the day, the tech conglomerate declined by $10.59 or 1.96% to close at $529.32.
