Following an inside day in the S&P 500 index futures, investors were prepared for a continuation move if either the high (4514.50) or low (4462.75) was breached. However, it was not quite that easy to navigate.
Early in the session, Monday’s low was breached, but not by much, falling only to 4456.25. Once Monday’s close (4575.75) was breached for good, the pace of the rally accelerated. The move through Monday’s high by a few handles was met with a pullback to the 4490 area.
In the final hour, the bulls reasserted control, and the index was able to make a new high for the session before tailing off into the close. When all was said and done, it was a good day with the index adding 36.75 handles to close 4512.50.
Amazon.com Inc. (NASDAQ: AMZN) was the biggest gainer of the top components. The issue was higher for the third day in a row adding $69.56 or 2.2% to close at $3228.27.
That was over double the cash index’s gain of 0.84%.
There was only one loser in the top components of the index and that was MetaPlatforms Inc. (NASDAQ: FB). The issue was lower for the fourth day in a row declining $4.73 or 2.1% to close at $220.18.
PreMarket Prep Stock Of The Day: Bank Of America (NYSE: BAC)
When $50 becomes support instead of resistance, Bank Of America may be poised for another leg higher. Read more about BAC here.