Tuesday’s action in the S&P 500 index futures may have ended in the green, but the ride was far from smooth.
The day found early support at the psychological 5800 level, with the premarket low clocking in at 5802.25. A rally sparked in the early morning, possibly fueled by reports of tariffs rolling out in two phases, and it powered on nearly to the opening bell. Selling pressure, however, was brewing.
The regular session opened with a sharp drop, ushering in volatility and chop. Support emerged just above the premarket low in the 5810 area, aligning closely with the March 10 high that Monday’s session had breached. At 10:00 AM ET, March’s consumer confidence report landed slightly below expectations, while February’s new home sales met forecasts. Once a bid held firm, bulls launched a short-lived rally to new daily highs (5837.25), only to hit resistance just shy of the March 7 peak.
Bears took over the afternoon, driving more volatility and chop, but bulls dug in near the intraday low around 5810 once again. As the close loomed, buyers staged a last-minute comeback, pushing the index futures back into positive territory. The session wrapped up in the upper half of the day’s range at 5826.50, notching a gain of 11 handles.
For the third straight day, Tesla Inc (NASDAQ: TSLA) claimed the top spot among the index’s biggest gainers. The EV maker kept its momentum rolling, climbing $9.60, or 3.45%, to close at $287.99.
That surge outpaced the cash index’s modest 0.24% advance by over 14 times.
Meanwhile, Broadcom Inc (NASDAQ: AVGO) stumbled again, marking its second day in a row as the biggest loser among top components. The chip designer shed $2.99, or 1.56%, closing at $188.26.
