Going back to last Wednesday, the S&P 500 index futures have put in place a triple bottom with Wednesday’s low (4099), Thursday’s low (4096.60) and Monday’s low (4098.75).
That took place even though the bears were in firm control following the resumption of today’s session at 6:00 PM EST on Sunday night. There was constant selling pressure in the index all night and into the early part of the regular session.
After the first hours of the session, the bulls established a sustained bid above the cluster of low, but the thrust to the upside did not take place until post-12 PM EST. It appeared to be ending up a small day in the red, but the buyers got more aggressive heading into the close.
As a result, the index gained 4.25 handles at the closing price 4136.25.
Nvidia Corp (NASDAQ: NVDA) was the biggest gainer of the top components of the index. The issue went from over $3 in the red to post a $5.42 gain or 2% at the closing price of $275.79.
That was much better than the cash index’s marginal gain of 0.13%.
Alphabet Inc. (NASDAQ: GOOG) was the biggest loser of the top components of the index. For the session, the issue declined by $1.95 or 1.8%. It should be noted that it was the lowest volume day for the issue since January 17.