If you thought you missed a major bottom at last Friday’s low (3974.50), the S&P 500 index futures gave you another chance today when it bottomed at 3971.50. Another encouraging sign is the way the index distanced itself from that low in the final fifteen minutes of the session.
After coming within a few handles of the intraday low, the index sprinted higher into the close. As a result, a minor retreat for the day turned out to be a minor gain.
The end result was a gain of 5.25 handles at a closing print of 3995.
The biggest winner of the top components of the S&P 500 index was Nvidia Corp (NASDAQ: NVDA). The issue posted its highest close for the recent rebound by adding $8.93 or 3.83% with a closing price of $241.81.
That was well over three percent better than the cash index’s gain of 0.13%
Tesla Inc. (NASDAQ: TSLA) led the charge to the downside for the second day in a row. The issue extended its losing streak to three days by declining $5.71 or 3% at a closing price of $182.