There was follow-through in the S&P 500 index futures from Friday’s strong session at the end of last week. However, it was not that easy. In fact, it took a good deal of patience not to get long too early and take the heat, as the index did not bottom until 12:30 PM EST.
The only discernible level to lean on to catch the rally was the premarket low of 4514. Although the index did breach that on the morning drift lower, it was not by much, bottoming at 4509.75 then mounting a 60+ point rally.
Absent any negative headlines in the afternoon, the index marched higher, and once the premarket high was breached the pace of the rally accelerated. The end result was a new high (4572.25) and a closing high for the rebound as the index added 31.50 handles to close at 4568. That is the highest close for the index since February 9.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. The issue has been higher in ten of the last eleven sessions, adding $81.12 or 8% to close at $1091.84.
That was eleven times better than the cash index’s gain of 0.71%.
The only loser of the top components of the index was JP Morgan Chase & Co (NYSE: JPM), which declined $1.05 or 0.7%.
PreMarket Prep Stock Of The Day: Nio Inc. Bank Of America (NYSE: BAC)
A Cramer pump, upgrade from Morgan Stanley, and a strong tape and still finished in the red. Read more on BAC here.