The subtle weakness in the waning minutes of Monday’s session provided yet another buying opportunity for investors.
In fact, the 6:00 PM EST opening for the S&P 500 index futures was only a few handles from the session low. Similarly, the opening of the regular session was only one handle off the low of that session.
Around 10:00 AM EST, the index breached the previous high for the move and sellers were scarce. The lunchtime high was met with a minor pullback. Heading into the final hour of the session, the index was treading water only a few handles off the intraday high.
A large buy imbalance for the close propelled the index to a new high and closing high for the move. For the session, the index added 27.25 handles at the closing price of 4820.25.
Among the top components, JP Morgan Chase & Co made a rare appearance as the biggest gainer. For the session, the issue added $2.20 or 1.32%. That extends its winning streak to nine sessions.
That is nearly four times better than the cash index’s advance of 0.59%.
On the other end of the top components, NVIDIA Corp (NASDAQ: NVDA) was the biggest loser. The catalyst for the decline was a cautious comment from Edgewater Research regarding ‘mixed’ datapoints for AI and GPU demand. For the session, the issue declined by $4.73 or 0.94% at the closing price of $496.04.