Now that the recent leaders of the top S&P 500 components are in decline, the index futures seem to have found resistance for the time being. Monday’s decline also established a three-day losing streak for the first time since April.
Overnight, the bears gained an early edge on the bulls and tested support near Friday’s low. The bulls slowly fought their way back, even bringing the index back into the green during the early morning premarket hours. However, the bears got the upper hand yet again and the regular session commenced slightly in the red. The bulls were initially struggling, but were soon able to instigate a rally to bring the index futures straight up to the all-time closing high area, coming up just shy at 5558.50. Once that level was rejected, a wave of sellers hit the index futures.
Though the bulls fought back initially, the bears were able to break through support near last week’s close in the afternoon and test support near the morning’s intraday lows. By the final 15 minutes of the session, the bears were once again attempting to make new intraday lows. It wasn’t until the final 5 minutes that the bears breached the premarket low, adding a few more handles to the day’s losses. The session concluded near the lows at 5517, losing 17.25 handles.
Among the top components of the index, JPMorgan Chase & Co (NYSE: JPM) emerged as the biggest gainer. The banking behemoth was able to advance by $2.45 or 1.25% to close at $198.88 for the day, erasing Friday’s losses.
That performance was at least one percent better than the cash index’s decline of 0.33%.
The biggest loser by far was NVIDIA Corp (NASDAQ: NVDA) as it continued its decline off all-time highs made last week. For the day, the chip designer declined by $8.46 or 6.68% to close at $118.11.
