The upward momentum from Friday’s session continued in Monday’s session. After posting modest gains in the premarket session, the issue came to test Friday’s close, which was just above the premarket low and found buyers.
However, the index was unable to revisit its early morning high and was inundated with sellers in the final fifteen minutes of the session. Perhaps that can be attributed to a $1B imbalance to the sell-side for the close.
The end result of the seesaw session was a gain of 6 handles at the closing price 4007.25. The bulls’ task in the overnight session will be to defend the 4000 level and or nudge the index above Monday’s high (4034.25). That just happens to coincide with the closing high for last week’s volatile price action.
JP Morgan Chase & Co. (NYSE: JPM) was the biggest winner of the top components of the index. The issue recovered some of its losses from last week. For the session, the issue gained $3.58 or 2.87% at the closing price of $128.49.
That was nearly three percent better than the cash index’s slight advance of 0.13%.
Apple Inc. (NASDAQ: APPL) took a breather from its torrid rally this month and was the biggest loser of the top components.