Whether it was global news, earnings reports, or just plain buyer exhaustion, the bears finally gained the upper hand during Monday’s session in the S&P 500 index futures.
Overnight, resistance was found just below the all-time high made Friday and sellers soon had the index futures trading in the red. By the time the regular session began, the index futures were coming up against more resistance at Friday’s close, trading narrowly in the red. Bears started to initiate a small selloff post-open, and once the premarket low was breached, the pace of selling accelerated.
Support was eventually found at Wednesday’s low, at which point bears took some profits and bulls bought the dip. From there, the action turned to chop between Wednesday’s low and the weekly pivot, but support was breached by a few handles in the final hour. The session concluded with more chop near the day’s low, closing at 6065.75, losing 33.25 handles.
Among the top components of the index, Apple Inc (NASDAQ: AAPL) emerged as the biggest gainer. The tech giant was able to advance by $3.91 or 1.61% to close at $246.75 for the day, marking new all-time and all-time closing highs.
That performance was over two percent better than the cash index’s decline of 0.51%.
On the other hand, the biggest loser was Eli Lilly And Co (NYSE: LLY). For the day, the healthcare company declined by $22.66 or 2.74% to close at $803.58.
