When there is no daily resistance in the S&P 500 index futures, there really is no daily resistance. As evidenced by the index tacking on 38 handles at the closing price of 4342.75, which represents its highest close since August 2022.
The bears had no chance to attack as the index never went red in the premarket or regular session. Once the index surpassed Friday’s high, the pace of the rally accelerated.
The only thing that can disrupt this robust rally is a hot Consumer Price Index data release at 8:30 AM EST on Tuesday and or a surprise quarter point rate hike by the Federal Reserve Bank on Wednesday.
Among top components, Amazon.com Inc. (NASDAQ: AMZN) was the biggest winner. For the session, the issue added $3.14 or 2.5% at the closing price of $126.57.
That was over double the cash index’s gain of 0.88%.
Exxon Mobil Corp. (NYSE: XOM) prolonged its downward trend and was the biggest loser of the top components for the second day in a row. The issue declined by $1.06 or 0.99% at the closing price of $106.45.