After recovering from a volatile week, the S&P 500 index futures started a new week by going nowhere. Monday’s session also precedes coming inflation data, starting with the Producer’s Price Index (PPI) being released Tuesday at 8:30am EDT, which is expected to be 0.2% (PPI & Core PPI) for the month of July.
The bulls were eager to start the Globex session Sunday night, initially driving the index futures higher. The buying lasted only a moment, however, as sellers quickly took the index back down through Friday’s close and the daily pivot. Support held in the 5350 area, and that started a slow, choppy rally that would last until the regular session open.
Opening just below last week’s high, the bears were quick to take control, driving the index futures straight back down to the premarket low made early Sunday night. Once support held near the premarket low, the bulls drove the index futures straight back up through last week’s high and the premarket high. The rally stalled out just below the 5400 level, marking the bounds for the rest of Monday’s action.
As the day progressed, the trading range compressed. Support held around the daily pivot, and the index continuously made lower highs below Friday’s peak. In a last-minute push not to close red, the bulls were able to pare off most (if not, all) of the intraday losses. The session concluded near midrange on the day at 5369.75, declining by half a handle and marking a double-close for technical traders to pay attention to.
Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) reversed its role from Friday and emerged as the biggest gainer. The chip designer was able to advance by $4.27 or 4.08% to close at $109.02 for the day.
That performance was over 81 times better than the cash index’s scratch advance of 0.05%.
On the other hand, the biggest loser among top components was Tesla Inc (NASDAQ: TSLA). For the day, the EV maker declined by $2.51 or 1.25% to close at $197.49.
