Firstly, special thanks to all of our veterans. Thank you for your service and for all that you have done for your country.
As earnings season continues and the post-election rally slows, market participants are now adjusting their positions within the S&P 500 index. The good news is the index futures were still able to end Monday’s session in the green.
Bulls started off with a round of buying Sunday night, and that strength continued into early morning premarket hours. However, about two hours before the opening bell rang, sellers piled up and turned the tide, marking a new all-time high at 6053.25.
The regular session began just above the previous all-time high made Friday in the 6040 area. This level turned out to be an important battleground for the day. Bears soon breached support at Friday’s high and continued selling until the premarket low. From there, the bulls instigated a snap-back rally that tested resistance in the 6040 area. Despite several attempts, bulls were unable to maintain a bid above that level and seemed to throw in the towel as the lunch hour started. Bears and profit-takers took advantage, bringing the index futures down to make new lows for the day. Bulls eventually found their footing, cementing a low of 6013.50 and rebounding from there.
With a small round of buying in the final minutes, the session concluded just below the day’s midpoint at 6031.75, gaining 6.50 handles. This extends the latest win streak to five days, and marks a new all-time closing high.
Continuing its rally, Tesla Inc (NASDAQ: TSLA) extended its win streak to five days and emerged as the biggest gainer among top components by far. The EV maker was able to advance by $28.78 or 8.96% to close at $350.00.
That performance was nearly 90 times better than the cash index’s advance of 0.10%.
On the other hand, the biggest loser ended up being Broadcom Inc (NASDAQ: AVGO), following broader declines in the tech and chip sectors. For the day, the chip designer declined by $4.73 or 2.58% to close at $178.91.
