The S&P 500 index futures started Monday’s session on a low note but reversed sharply higher, rewarding those playing the TACO trade, for now.

Overnight, bears took control amid rising Middle East tensions and drove futures to a low of 6483.50. An early morning Trump post about productive talks toward resolving hostilities and a 5-day pause on military strikes helped trigger algos and bulls to rally more than 250 handles in minutes, surging to a high of 6748. Bears and profit-takers then pulled the index back to the 6650 area by the open. 

After the bell, bulls pushed to the psychological 6700 level but struggled with resistance there. A roughly 75-handle slide erased some gains before noon, before support held again. Bulls managed a smaller afternoon rally before sellers had the final say into the close. The session closed above the day’s midpoint at 6634.75, up a healthy 75.75 handles.

Tomorrow brings a revision of Q4 productivity at 8:30 AM ET, S&P flash U.S. PMI data at 9:45 AM, and a handful of earnings reports morning and evening.

Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) stood out as the biggest gainer, climbing $12.65 or 4.08% to close at $322.51.

That performance was nearly four times better than the cash index’s 1.05% advance.

Flipping its role from Friday, Berkshire Hathaway Inc (NYSE: BRK.B) was the biggest loser, falling $0.96 or 0.20% to close at $479.98.