After Friday’s decline cemented a four-day losing streak in the S&P 500 index futures, bulls were ready to show up and reverse the recent trend during Monday’s session.
The overnight session began with a bullish undertone, opening above Friday’s last after hours print. A relentless bid soon took hold and the index futures steadily climbed higher throughout most of the premarket session.
The regular session began just under the premarket high, and after contending with some sellers initially, resumed the overnight rally. They were also assisted by July’s wholesale inventories coming in below expectations at 0.2%, compared to 0.3% exp. However, it wasn’t all smooth sailing for the bulls. The rally stalled out just under 5480 and sharply declined from that point. Support started coming in around the daily pivot area, and after some back and forth, the bulls managed to regain control.
The following round of buying took the index futures up to make new intraday highs just underneath the weekly pivot. After peaking at 5493, bears had their turn yet again, instigating more selling. This time, support was found near the premarket high (also near the regular session open).
Once it was clear a bid would hold, the bulls resumed their rally for the final hour of the session. After a spout of selling in the penultimate five minutes, the session concluded near the day’s high at 5479.50, gaining back a healthy 60 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 $3.64 or 3.54% to close at $106.47 for the day.
That performance was over three times better than the cash index’s advance of 1.12%.
On the other hand, the biggest loser ended up being Alphabet Inc (NASDAQ: GOOGL). For the day, the search giant declined by $2.01 or 1.33% to close at $148.71, reaching lows not seen since March of this year.
