As many technical analysts know, the more an issue responds off a certain level, the more significant that level becomes. In the case of the S&P 500 index futures, a triple-top has now been established at/near the all-time high of 5349.
In another day full of Fedspeak, the regular session began in the red, soon finding support near the premarket low, also coinciding with Monday’s low. Among more dovish remarks, Fed Governor Waller commented “I just don’t see rate hikes happening,” soon after the open. From that point on, the bulls seemed to gain an edge in the day’s action and started to initiate a rally.
After clearing the premarket high, the bulls couldn’t quite hold onto the gains and the index soon went back to chopping around the all-time closing high of 5333. In the final two hours of the session, the bulls were finally able to establish a bid from that same area, and make their way back to new intraday highs. The penultimate 15 minutes saw the index futures nearing all-time highs, coming up just short at 5347.50 as the bulls ran into some selling pressure.
Overcoming those sellers in the final 15 minutes, the index futures finished the day at a new all-time closing high of 5345.25, up by 13.5 handles. Coming into Wednesday’s session, market participants will surely have their eyes on earnings from AI chip leader NVIDIA Corp. (NASDAQ: NVDA), expected to be released at 4:20pm EDT, as well as the S&P 500’s triple-top.
Among the top components of the index, Tesla Inc (NASDAQ: TSLA) emerged as the biggest gainer. The EV maker was able to advance by $11.65 or 6.66% to close at $186.60 for the day.
That performance was over 26 times better than the cash index’s advance of 0.25%.
The biggest loser ended up being Broadcom Inc (NASDAQ: AVGO). For the day, the chipmaker declined by $14.83 or 1.05% to close at $1399.20.
