While Monday’s session didn’t establish a new all-time closing high for the S&P 500 index futures, it did establish a two-day win streak and more notably, the ninth day in a row of making new all-time highs.
The Globex session commenced near 5680 Sunday night and soon peaked at 5683.25, a level that would become relevant as the session continued into Monday. Sellers took advantage of the initial pop, taking the index futures back down to test support at Friday’s close. The bulls firmly held support in that area, and began their overnight march back up near the 5700 area.
Before the regular session commenced, the bears tested support near the 5683 area, which held for the time being. After a quick attempt at a rally following the opening bell, the bears tested support at the same level once again. Once it was clear support would hold, a bid was caught, and the bulls were off to the races. The index futures soared right up to new all-time highs, peaking at 5718.75. Unfortunately for the bulls, they were unable to sustain a bid, and sellers took the stage once again during Fed Chair Powell’s speech.
The selling continued with minor opposition, including some at the initial 5683 level, but the bears broke through that support as well. As the afternoon action continued, the index futures oscillated above and below the 5680’s until the final 15 minutes, when the bears broke through intraday lows and reached Friday’s closing level once again. However, that was a major turning point, as the bulls swiftly bought the dip and then some. The index futures finally concluded at 5683, marking a gain of 18.25 handles for the day.
Among the top components of the index, JPMorgan Chase & Co (NYSE: JPM) emerged as the biggest gainer. The banking behemoth was able to advance by $5.11 or 2.49% to end at a new all-time closing high of $210.05.
That performance was over 8 times better than the cash index’s advance of 0.28%.
The biggest loser ended up being Amazon.com Inc (NASDAQ: AMZN). For the day, the e-commerce giant declined by $1.77 or 0.91% to close at $192.72.
