While the bulls ended a four day losing streak on Monday, the bears exerted their overall dominance in Tuesday’s session, big time. They were not fooled by Monday’s mild rally and wasted no time in regaining control of the index.
In fact, Monday’s rally was extinguished off the open of Tuesday’s premarket session. The opening print of (4382), which was just under Monday’s high (4384.50) was the exact high for the session.
By the opening of the regular session, the index was over 30 handles off that level and it made one feeble attempt to rally off the opening bell. Once the index breached Monday’s low (4338.25), the pace of the decline accelerated.
Heading into the final thirty minutes, the bulls were able to make a minor stand at 4305.50 and the index limped into the close. For the day, the S&P 500 futures posted a decline of 64 handles, closing at 4314.75.
Among the top components of the index, Exxon Mobil (NYSE: XOM) was the biggest winner simply because it was the only winner. For the session, the issue added 0.18% or 0.15% at the closing price of $116.41.
This performance was much better than the cash index’s decline of 1.47%.
Most of the top components of the index were losers, but the biggest one was Amazon.com Inc (NASDAQ: AMZN). In addition to the poor price action in the broad market, Amazon is under more scrutiny from the government for “maintaining monopoly power.” For the session, the issue declined by $5.29 or 4.04% at the closing price of $125.98.