When the S&P 500 index futures ends its day/week, let alone on the high for the month, it provides for multiple trading setups the following day. It can blast through the daily high and set a bullish tone to start the week, or it can sharply reverse and trap the late buyers to the party. Or it can just chop around and let investors continue to ponder the index’s next move. That was Monday’s session.
On the upside, the index did breach the daily/weekly high, which is also a 36-day high, but not for long. On the downside, the early buyers in Friday’s session never felt much heat as the index did not come close to breaching Friday’s low.
Instead, a majority of the session was the index trading above and below 4120 with sharp 10-handle moves in either direction. That price action persisted into the close with the index declining by 13 handles to close at 4120.50.
Nvidia Corp (NASDAQ: NVDA), after a long hiatus, was the biggest gainer of the top components. For the session, the issue gained $2.78 or 1.5% to close at $184.41.
That was nearly 2% better than the cash index decline of 0.28%.
After a big move to the upside on Friday, following its Q2 report, Exxon Mobil (NYSE: XOM) succumbed to the selling pressure in Crude Oil and was the biggest loser of the top components. For the session, the issue declined by $2.45 or 2.5% to close at $94.48.
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