In a reversal from Friday’s action, the S&P 500 index futures found resistance in a similar area, but also found support to lean on during Monday’s session.
The Globex session began near Friday’s high, and after perfectly tapping that level to form a double-top, started to reverse and head into red territory. Later, during the premarket session, bulls found support near the weekly pivot and began a slow and steady rally. That rally continued into the regular session, but after the bell rang it was clear there were more sellers lurking in the 5900’s.
At 10:00am EDT, September’s US leading economic indicators report was released, coming in under expectations at -0.5% (vs. -0.3% exp.). At this time, bulls brought the index into the green, but the gains were short-lived. After crossing back into the red, the selloff that followed brought the index straight down to the 5865 area, where support was finally found again just before the lunch hour.
From that intraday low, bulls were able to pare back some of the losses, albeit in a more choppy fashion than the morning’s up and down action. As the close neared, buyers piled in during the final 15 minutes for a quick 10+ handle rally. That brought the close up to conclude above the day’s midpoint at 5896.25, losing a total of 9.75 handles.
Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) easily emerged as the biggest gainer. After testing, then breaking through its previous all-time high, the chip designer was able to advance by $5.71 or 4.14% to close at $143.71 for the day, marking new all-time and all-time closing highs.
That performance was over four percent better than the cash index’s decline of 0.16%.
On the other hand, the biggest loser ended up being Eli Lilly And Co (NYSE: LLY). For the day, the healthcare company declined by $11.72 or 1.28% to close at $906.13.
