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In terms of technicals, the triple-top at all-time highs has now turned into a quad-top in the S&P 500 index futures, plus a double-bottom has formed in the 5306 area, all before NVIDIA Corp.’s (NASDAQ: NVDA) earnings were released after Wednesday’s close. 

In early morning trading, the all-time high was pushed to 5349.25, but the index futures soon started to retreat into the red during premarket hours. Once the regular session commenced, the bulls showed up to buy the dip and managed to bring the index futures back up to test Tuesday’s closing area. The momentum wasn’t quite enough, however, as the bears were soon testing support at the premarket low. After initial support held, more sellers piled in after the lunch hour, taking the index futures down to new lows for the day.

Just as the bulls were trying to make a comeback, May’s FOMC Meeting Minutes were released which gave the bears some fodder. In short, much of the Fed Minutes gave indication that higher rates will remain for longer until inflation is sustainably moving lower. In a sharp move lower, sellers were soon testing support at Friday’s low (5305.75). Only reaching 5306.75, that support area was still tested several times before the end of the regular session even as the bulls tried to recover some of the day’s losses.

The final 30 minutes of the regular session saw nearly a 20-handle whipsaw move as support was tested once again near the intraday low. By the closing bell, the bulls were able to reclaim some of the losses to finish mid-range on the day at 5328, down by 17.25 handles. 

Following the close, NVIDIA’s latest earnings report included beats on the top and bottom lines, confirmation of a 10:1 stock split, and a strong forecast for the upcoming quarter. Both the stock and the index futures saw a quick drop and pop, followed by the pop getting sold. As of writing, the index futures were trading over 10 handles up from the close, still within the quad-top and double-bottom, and NVIDIA finally broke above $1000, up more than 5% from its close.

Not accounting for after hours trading, Meta Platforms Inc (NASDAQ: META) emerged as the biggest gainer among the top components of the index. The tech conglomerate was able to advance by $3.15 or 0.68% to close at $467.78 for the day.

That performance was nearly one percent percent better than the cash index’s decline of 0.29%.

Conversely, the biggest loser was Tesla Inc (NASDAQ: TSLA). For the day, the EV maker declined by $6.49 or 3.48% to close at $180.11.