The bulls have seemingly been getting more hesitant as the US Election approaches, and was the case during Monday’s session in the S&P 500 index futures.
The overnight session began well in the red, but bulls soon broke back into green territory and mostly maintained their lead for the remaining premarket hours. However, once the regular session started near unchanged, sellers flooded the market with orders. Not giving up, bulls bought up the opening dip to bring the index futures back into the green once again. Unfortunately, that lead didn’t last too long.
Just before the lunch hour, bears broke through support at unchanged and made their way to new daily lows. Support was found just below last week’s low, and the bulls instigated a rally right back up. As the afternoon progressed, it was evident support at Friday’s closing level had turned into resistance, and the bulls were unable to maintain a bid above that level.
As the close approached, sellers were able to extend the losses, but not by too much. The session concluded below the day’s midpoint at 5743.25, losing 15 handles.
Among the top components of the index, NVIDIA Corp (NASDAQ: NVDA) emerged as the biggest gainer. The chip designer was able to advance by $0.65 or 0.48% to close at $136.05 for the day.
That performance was nearly one percent better than the cash index’s decline of 0.22%.
On the other hand, the biggest loser ended up being Tesla Inc (NASDAQ: TSLA). For the day, the EV maker declined by $6.14 or 2.47% to close at $242.84.
