Consolidation within the recent weekly range continued during Monday’s session in the S&P 500 index futures, this time with the bulls ruling most of the action.
From the Globex Open thru the rest of the morning, the bulls maintained ever-increasing bids while the bears tried to quell the rally only a handful of times. The regular session began just above the weekly pivot, and after a few tests of that level, the bulls were able to establish a bid above the premarket high.
After turning resistance at the premarket high into support, the bulls continued the rally to meet Thursday’s high just before the lunch hour. Resistance was too much to overcome at that level, and in the final half hour, bears and profit-takers took their chance to hit the bid.
Before sellers erased the day’s gains, buyers stepped back in during the final minutes to support the index futures above the premarket high once again. The session then concluded in the upper half of the day’s range at 6080.50, gaining 25 handles.
Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) continued its post-earnings rally and emerged as the biggest gainer. The chip designer was able to advance by $25.20 or 11.21% to close at $250.00 for the day, marking new all-time highs.
That performance was an astounding 26 times better than the cash index’s advance of 0.43%.
Similarly, the biggest loser continued its slide for the second day in a row, which was NVIDIA Corp (NASDAQ: NVDA). For the day, the chip designer declined by $2.25 or 1.68% to close at $132.00.
