Reversing the recent trend of making new all-time highs, the S&P 500 index futures found resistance at the all-time high made during Monday’s session and definitively reversed.
The bulls’ attempted overnight rally was swiftly snuffed, but they were still able to recover some initial losses to make for a slightly green open of the regular session.
Off the open, bulls tested resistance once again but came up short of the premarket high. The selling pressure continued and once the bears breached the premarket low, the pace of selling accelerated. Support was initially found in the 5880 area, but the bears returned after lunch to breach that level as well.
Sellers were able to push the index futures to new intraday lows into the penultimate 15 minutes, after which the bulls were able to recover some losses. The session still concluded near the day’s low at 5862.75, giving up 45.50 handles or about one day’s worth of gains.
Among the top components of the index, Apple Inc (NASDAQ: AAPL) emerged as the biggest gainer after making a new all-time high in the morning. The tech giant gave up some of the day’s gains by the afternoon, but was still able to advance by $2.55 or 1.10% to close at $233.85 for the day.
That performance was nearly two percent better than the cash index’s decline of 0.78%.
The biggest loser ended up being NVIDIA Corp (NASDAQ: NVDA). For the day, the chip designer distanced itself from all-time highs, declining by $6.24 or 4.52% to close at $131.84.
