The bulls extended the win streak in the S&P 500 index futures to five days during Monday’s session. This also marks the seventh day out of eight that the index futures are higher, with the one “losing” day being a scratch session.
Overnight and into the premarket hours, the bulls struggled to keep the index above last week’s high. Once the regular session commenced, the index futures chopped around that level until sellers tested support around Friday’s close. The dip was quickly bought, and the bulls started their march higher.
After pausing near the August 1st high, buyers continued to bid up the index futures with not much resistance for the rest of the afternoon. Once closing orders were tallied, buyers drove the index futures even higher in the final 10 minutes of the session to close at new highs. The session concluded at 5630, gaining 51.75 handles.
Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer, establishing a six-day win streak. The chip designer was able to advance by $5.42 or 4.35% to close at $130.00 for the day, bringing the total gains during the streak to 24%.
That daily performance was over four times better than the cash index’s advance of 0.96%.
The biggest loser ended up being Apple Inc (NASDAQ: AAPL), which didn’t actually lose much. For the day, the tech giant declined by $0.16 or 0.07% to close at $225.89.
